12.7 Midday Silk Road Analysis Update
The current price of Bitcoin is around 89697. After attempting to break through 90257 in the morning, it faced pressure and fell back, currently entering a phase of consolidation. The hourly chart shows a long upper shadow K-line, followed by a series of small bearish and bullish candles, indicating that the forces of bulls and bears are temporarily balanced here, and the short-term direction still needs further confirmation.
The support area for the day is around 88870. After a pullback in the morning, there was a quick rebound, and this position can serve as a short-term observation point; above, 90000–90257 remains an important resistance area, and the morning breakout did not hold, reflecting that selling pressure still exists at this level.
Regarding indicators:
· KDJ has shown signs of a bullish crossover at a low level, suggesting that there may be short-term rebound momentum, but it is still below 50, and the overall trend has not yet strengthened.
· The MACD bearish momentum histogram has narrowed to 37.3, and DIF is below DEA, indicating that the medium-term structure is still biased towards consolidation.
In summary, Bitcoin is in a phase of consolidation and repair in the short term. If it can stabilize above 89507 (Bollinger middle band), it is hopeful to leverage the indicators to test above 90000 again; if it falls below the support of 89142–88870, it may continue to test the strength of support downwards.
In terms of operations:
You may consider lightly trying long positions in the 88535–88032 area on a retracement, targeting around 90020–91012.
The above analysis is a personal opinion for discussion reference only; please follow An Xin Jie’s real-time layout for specific strategies.
