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#BTC 【Image Analysis: What’s Next for Bitcoin】
The current price of Bitcoin is around 90,000, with today's highest hitting near 91,000. In Image 1: we can see Bitcoin moving up and down within the yellow rectangle area. Today, it broke through the upper red resistance line and approached the Fibonacci retracement level of 0.236 near 91,000 before dropping. Additionally, in conjunction with (Image 2), Bitcoin is oscillating in the upper position of the 1-hour rectangular range, so there is certain resistance near 91,000. If it can break through and stabilize at 91,000, we can look towards (Image 1) the area above the yellow rectangle and the overlapping position of the Fibonacci retracement level of 0.382, which is around 98,000, and if it strengthens further, it could reach 103,000.
In summary, the recent rebound of Bitcoin should be treated with caution as it may just be a fleeting moment. The current cycle is bearish, and we will validate the larger cycle trend from the weekly and monthly charts, so stay tuned for the upcoming analysis.
$BTC
{future}(BTCUSDT)
The current price of Bitcoin is around 90,000, with today's highest hitting near 91,000. In Image 1: we can see Bitcoin moving up and down within the yellow rectangle area. Today, it broke through the upper red resistance line and approached the Fibonacci retracement level of 0.236 near 91,000 before dropping. Additionally, in conjunction with (Image 2), Bitcoin is oscillating in the upper position of the 1-hour rectangular range, so there is certain resistance near 91,000. If it can break through and stabilize at 91,000, we can look towards (Image 1) the area above the yellow rectangle and the overlapping position of the Fibonacci retracement level of 0.382, which is around 98,000, and if it strengthens further, it could reach 103,000.
In summary, the recent rebound of Bitcoin should be treated with caution as it may just be a fleeting moment. The current cycle is bearish, and we will validate the larger cycle trend from the weekly and monthly charts, so stay tuned for the upcoming analysis.
$BTC
{future}(BTCUSDT)