Bitcoin follows the U.S. stock market for an oversold rebound. The small level has produced a five-wave three-segment rebound.
If the high point 8w9 completes a false breakout at the major support and resistance level, then the small level rebound begins to trend weak. Pay attention to the pullback around 855 in the evening. If it follows the U.S. stock market to adjust downwards, then this 4H level will end, and we will look for a consolidation downward.
There is no advice to chase highs at the small level, and the large level has not yet completed a reversal. The bullish rebound may encounter renewed bearish pressure at any time. Therefore, low bullish positions do not require a pattern.
In the evening, pay attention to whether the upward breakout can stabilize above 8w9. The small level bullish extension can only continue if the rebound looks towards higher levels.
Upper resistance: 88860/90850/92354
Lower support: 85900/83500/81500/
On the 4H level, following the market, the U.S. stocks rebounded in the late trading hours. The day showed a downward trend with slight declines.
The rebound begins to show signs of momentum exhaustion. Short-term buying against the trend requires quick profit-taking, as the larger trend has not yet reversed.
In the evening, watch whether the market can break through the 3060 level with volume. Only after the larger bullish framework is established can we look for a reversal; otherwise, the risk-reward ratio for shorting against the range is still quite high.
If the 2780 level is tested again without a significant breakdown, then the support is valid. In the short term, we can expect narrow fluctuations, treating it with a range-bound mindset.
Upper resistance: 3010/3060/3120
Lower support: 2860/2780/2660
After following the market and breaking through the 135 level with significant volume, we are now seeing a decrease in volume and a pullback during the day.
In the evening, pay attention to the test of support around 135. If it continues to hold above this level, the bullish rebound is strong, and there is hope for a continued rebound to test the resistance around 142.
If it follows the market and pulls back, pay attention to the price performance around the 130 level.
Upper resistance: 139.8/141/143.5
Lower support: 133/131/127.5
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