Some people believe only after seeing, while others see only after believing. In a favorable market, it creates you; in an unfavorable market, it educates you. I used to think that the most desperate feeling was heart-wrenching, but later I realized that a vacant gaze signifies a dead heart! Never be pessimistic; close your eyes, take a nap, and it will be a new dawn!

Hello everyone, I am trader Gege. Let's first review the previous thoughts and market trends regarding Bitcoin. The focus of the last few articles has been on a key level, which is around 95,000. The market has been blocked and retreated at the level of 94,550. This is currently an important boundary in the short-term structure, as it is the area where the bottom and top of the rising trend line convert and overlap with the downward trend line's resistance.

Today is Monday, and as usual, I will share my personal views on the technical aspects. This week, there are non-farm payroll data and CPI data. There will definitely be short-term liquidity around the announcement of these news events, but the current technical structure needs to be closely monitored. Sometimes, the news is just for observation and not suitable for trading; at least, I am not very good at trading short-term fluctuations caused by news, as they can be quite confusing compared to the feedback provided by technical analysis. I still remember the first time interest rate hikes were announced, the market actually experienced a rally. More recently, before the interest rate cut was implemented, there was a bit of a rise, but after it was implemented, the market still retreated, and the key resistance was not touched. Therefore, let's return to the technical analysis to estimate the subsequent market trends.

Looking at Bitcoin on both the weekly and daily charts, the overall candlestick structure has not changed significantly; it remains in a low-level box range adjustment. On the weekly chart, it is important to note that the closing price has not risen above 90,000, and the MACD double lines have fallen below the zero axis. On the daily chart, the Bollinger Bands are narrowing, and the moving averages are running around the middle track, indicating that we are approaching a turning point. Combined with the trend line's resistance pattern, I will provide my market forecast.

Currently, the short-term upper boundary is at the level of 92,000. If the market rebounds and cannot break through, it will test downward again. Conversely, if it can break through and stabilize around 90,000 after a pullback, then the resistance point of the rising trend line will move up, and the next boundary will be around 96,000. The short-term support area can be observed in conjunction with the 4-hour candlestick's horizontal support, focusing first on the previous low, and then on the area above 85,000.

In summary, for Bitcoin, the short-term rebound is a sell at the range of 91,500-92,100. If it breaks through 92,000 and stabilizes around 90,000 after a pullback, then wait to sell again at 95,500-96,000. If the previous low is not broken, buy around 88,300-88,000; if it breaks, buy around 85,800-86,300. For medium to long-term positions, still refer to the trial position suggestions given in previous articles. That's all for today; I will update the article again if there are any breakouts.

The suggestions are for reference only. Please manage your risk when entering the market, and control your profit and stop-loss spaces accordingly. Specific strategies should be based on real-time conditions, and you can consult for advice.

Alright, friends, we will say goodbye until next time. I wish everyone success in their trading endeavors and smooth sailing in the crypto world! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice, find Gege.

Written by / I am trader Gege, a friend willing to accompany you in your resurgence.

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