According to the 1K chart, BTC has formed strong support around 68066.0. From yesterday's price trend, the market overall shows a tendency for oscillating corrections.
In the 4-hour K-line chart, the bulls attempted to break through the 69000 points yesterday but failed, leading to significant selling pressure, causing the price to fall back to around 68000. The current price is trying to stabilize near the main support level, but the overall trend still needs further confirmation.
In the short term, BTC has shown certain buying support around the 68000 point area. If it can stabilize effectively, this position may provide support for the upcoming rebound.
First Support Level: 67000 points
Based on intraday fluctuations and market sentiment, 67000 points is a relatively key short-term support level. If the price falls below this level, it may trigger further selling pressure.
Second Support Level: 66000 points
66000 points is a stronger support area; if a pullback occurs, this level will become a focus of attention. A drop below 66000 points may trigger further declines.
Resistance Level: 69000 points
69000 points is the current main resistance level. Yesterday's rebound was blocked here and fell back, indicating significant selling pressure in this area. The bulls need to break through this resistance strongly to open up upward space and further challenge the psychological barrier of 70000 points.
Technical Indicator Analysis
Moving Average System (MA): The short-term moving averages MA10 and MA20 are gradually flattening, indicating that the short-term market is in an oscillating pattern. The current price is hovering below MA10, so it is necessary to closely monitor whether it can quickly recover lost ground.
Bollinger Bands: The Bollinger Band channels are gradually narrowing, indicating a decrease in market volatility. It is likely that a directional choice is forthcoming. The current price is close to the middle band, suggesting that the short-term direction is still unclear, but if it breaks upward through the middle band, there could be considerable upward space.
Volume Analysis: From the recent transaction volume, the market trading is relatively cautious, and the signals of volume stagnation and lack of upward momentum further confirm the current market's hesitance, suggesting that the market may still primarily oscillate in the short term.
Operation Suggestion:
Long Strategy:
Entry Point: Near 68000 points, with a stop loss set at 67000 points and a target looking towards 69000-69500 points. If it breaks above 69500 points, you can continue to hold, aiming for 70000 points.
Summary: Today, BTC is still expected to continue the oscillating upward pattern, with 68000 points as an important support level. If the bulls can firmly hold this position, the probability of a short-term rebound is high. If it can break through 69500 points with volume, BTC may challenge the psychological barrier of 70000 points again. It is suggested to buy on dips during the day, with light positions and cautious chasing of highs.
The cryptocurrency market is changing rapidly, with technical aspects and market sentiment intertwining. Would you like to receive more real-time market analysis and operational strategies? Combine technical aspects and market sentiment to develop flexible response strategies.
Click on the Burshi homepage for daily market analysis and recommendations for quality potential coins.
