Bitcoin weekly review, the direction for next week has already emerged, are you all ready to follow along!
Bitcoin surged to around 94800 this week before quickly retreating, dipping to the 89000 level for support, with the fluctuation limited to about 6000 points. The current market is oscillating around the 90000 range, showing a clear exhaustion of rebound momentum.
From a weekly perspective, the price shows a generally weak pattern, consistently running downward along the middle track of the Bollinger Bands, and gradually approaching the lower track. The MACD indicator continues to release bearish momentum, indicating a weak trend.
Based on the current trend, it may be considered to open a short position when Bitcoin rebounds to around 91000, and if the price continues to rise to around 92000, additional positions can be added. The defense level is above 92700. The initial target can be set near 86000, and further attention can be given to the area around 80000.
