Why BTC can only rise to 114,000 if it remains above 87,496.

1. Setting the rising target

The daily chart of November 14, 2024 gives a view. Assuming a new rise starts from the red dot, the target set is 114,000.

2. Key price and stage judgment

The key price to maintain the rise: Liu Da pointed out that only if the price of Bitcoin remains above 87,496 can it continue to maintain the current upward trend. Purple line stage analysis: At present, the purple line three straight lines 3 have the possibility of ending. If it falls below 87,496, the possibility of this ending will increase significantly. After purple line 3 is purple line 4, the amplitude of the purple 4 segment's color return curve is 0.2 - 0.5 of purple line 3, and the corresponding range is between the green curve 86,401 and the blue curve 76,105. After the purple line 4, it will enter the purple line 5 stage.

3. The current market situation corresponds to the view

For now, Liu Da's view means that if Bitcoin falls back to 87,496 directly, it means that the third stage of the rise has ended to a large extent. However, the possibility of continued rise cannot be completely ruled out. If a backtest occurs, its minimum target is about 86,400.

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