BTC Technical Analysis:
1. Weekly Level: After opening lower this week, the price has rebounded, confirming that the weekly chart has entered a consolidation range. It is expected that the market will continue to experience wide fluctuations until mid-December, and trading can focus on high selling and low buying around the upper and lower bounds of the range.
2. Daily Level: The price has broken through the previously emphasized bullish-bearish dividing line and has formed a W-bottom structure. Yesterday, a medium bullish candle was formed, creating a bullish engulfing pattern, indicating that the short-term trend is likely to continue upward momentum.
3. Bollinger Bands Analysis: The price has broken through the middle band resistance, exiting the downward channel, and the bottom formation is preliminarily established, maintaining a bullish view for the day.
4. Structural Aspects: Currently, it is in a descending flag consolidation phase. Based on a 1:1 proportional calculation, the short-term upward target is around 96500. The outlook remains bullish for the day, but a high short position is reserved on the band level.
5. Band resistance and the upper Bollinger band create a resonant pressure zone.
6. 4-hour Level: The Vegas channel forms a key resistance reference for the day.
