Around 11 AM on $BTC , the market oscillated and then broke out from 76,600, pushing up to 77,500.
76,600: 30-minute EMA double bands, Bollinger upper band resistance on the hourly chart.
77,500: 4-hour Bollinger upper band resistance, 12-hour mid-band resistance.
74,800: K-line support level, 4-hour EMA double bands, 12-hour EMA Bollinger lower band support.
76,900: Pullback from a high point in a descending oscillation pattern.
74,800 is a strong support level, but there are several nearby resistance levels above, making the market tough to break through.
If 76,900 is breached, the entire descending oscillation pattern loses its significance. The breakout after oscillation around the 76,600 pressure level resembles the situation on 4/29.
Currently, the mid-line indicators show decent recovery, similar to 4/29. As long as the short-term indicators are bearish, it's time to enter short positions!
#Analyst's Insights
76,600: 30-minute EMA double bands, Bollinger upper band resistance on the hourly chart.
77,500: 4-hour Bollinger upper band resistance, 12-hour mid-band resistance.
74,800: K-line support level, 4-hour EMA double bands, 12-hour EMA Bollinger lower band support.
76,900: Pullback from a high point in a descending oscillation pattern.
74,800 is a strong support level, but there are several nearby resistance levels above, making the market tough to break through.
If 76,900 is breached, the entire descending oscillation pattern loses its significance. The breakout after oscillation around the 76,600 pressure level resembles the situation on 4/29.
Currently, the mid-line indicators show decent recovery, similar to 4/29. As long as the short-term indicators are bearish, it's time to enter short positions!
#Analyst's Insights