Bitcoin's key resistance level for a pullback remains unchanged in the downward channel pattern｜Analysis at two levels
Bitcoin formed a small bullish candle yesterday, which technically can be seen as a confirmation of the pullback to the previous M-top neckline. Currently, the price is still overall within the downward channel and has not effectively broken through the upper boundary of the channel. The daily level's downward continuation structure still holds. Attention should be focused on the strength of the pullback; if it faces pressure again near the neckline, it is highly likely to continue the downward trend within the channel.
Although the four-hour level has shown a V-shaped rebound, the high near 88150 is close to the previous platform's entity bottom, creating a clear pressure of support and resistance exchange. The price is still operating within the downward channel between the lower and middle tracks of the Bollinger Bands, with the middle track constituting short-term dynamic resistance. Before a volume breakout and stabilization at the middle track, the four-hour structure will maintain a weak oscillating downward pattern.
For intraday operations, pay attention to the following ranges:
If it retraces to the 85800-86300 area, a light long position can be tried, targeting 87500-88000.
If it rebounds to the 88500-89000 area and faces pressure, considering a short position is advisable, targeting down to 85000-83000.
