Bitcoin continues to exhibit a range-bound oscillation pattern. When will it form a unilateral breakthrough? Last week, the price broke above 99,000, nearing 100,000, almost breaking through, which is quite regrettable. Ultimately, it was broken by the bears, continuing to show a pattern of oscillation and decline, indicating that the current bearish trend still has significant continuity.

In the short term, looking at the four-hour level, the price broke the upper track a few days ago but did not stabilize above it, instead forming upper shadows, indicating that the bulls are losing strength. Subsequently, a large bearish candle formed, creating a "door" pattern, returning to the previous starting point. The current price is operating in the middle-lower track range, with bearish energy increasing. If it does not break the middle track at 96,500 and stabilize above it, then the price is expected to continue to decline this week, breaking the oscillation box.

On a larger scale, the daily Bollinger Bands are turning downward, and the moving average indicators are gradually moving downwards, with pressure levels continuously declining. The price has fallen and remains below the trend line, opening a downward channel. There may be rebounds in between, but as long as the upper pressure level is not broken, it will be viewed as oscillating downwards. Therefore, this week leans more towards a bearish outlook.

Reference suggestion: Sell in batches in the 96,300-96,700 area on rebounds, targeting the 93,500 position. If it breaks, look at the long-term target of 91,500. The points are for reference only.

What can relieve worries? Only Jiang Wei. Follow the public account.

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