Bitcoin triangle consolidation is entering the end, 92200 becomes the decisive point for bulls and bears | Two levels of deduction👎👎
First, let's look at the daily level, the Bitcoin price is currently running within the daily triangle consolidation range, constrained above by the triangle's upper edge and the overlapping pressure of the Bollinger upper band, and supported below by the triangle's lower edge and the Bollinger middle band. If it breaks through the triangle's upper edge with volume, the upward target can be seen in the 96000-100000 area (this range includes the FVG gap and the Fibonacci 0.5-0.618 key resistance). If it breaks down through the triangle's lower edge, the price will return to wide fluctuations, waiting for a new round of directional choice. Currently, the daily MACD and RSI golden cross structure is still maintained, reserving technical possibilities for an upward breakout.
From the four-hour level, the current structure presents a state of multiple channels coexisting: the large cycle is in a fluctuating upward channel, but the recent trend has formed a local downward channel. The key observation point is near 92200, where the upper edge of the downward channel and the middle of the upward channel resonate. If the price can break through this position, there is hope to form an "upward flag" structure, targeting around 97000 (corresponding to the upper edge of the upward channel). Conversely, if it continues to be constrained by the 92200 pressure and turns downward, attention should be paid to the support near the lower edge of the upward channel at 86500; an effective break below this position may evolve into a large-scale downward flag.
Intraday trading suggestions:
Long near 86500-87500, target 92000-92500
Short near 92500-93000, target 91500-91000
Today's focus: $BTC
