Bitcoin Market Analysis:
Weekly Analysis 🧐
1️⃣ The weekly chart closed with a large bearish candle. Combined with a previous long upper shadow, the current trend appears to be quite bearish. Under the pressure of the weekly chart, a rebound is likely to continue the downward rhythm.
2️⃣ Re-marking the weekly support and resistance levels: support in the 76000-78000 range, resistance in the 92000-94000 range.
3️⃣ Long-term view: the upward cycle from 76000 ➡️ 126200 has ended, with the top confirmed at 126200 ✅. We are now entering a long downward cycle, with the first target starting with 7. Plans for spot buying will be made then!
Daily Analysis 🧐
If the daily level ascending triangle breaks down, we will definitely look further down. The important resistance level is near 91000, and the ultimate target is to break below 80600.
4-Hour K-Line Analysis 🧐
The 4-hour level has formed a divergence + oversold condition. It is not suitable to chase the short position here, as the cost-effectiveness of shorting is too low. In the short term, the downward space is limited.
1️⃣ Quality long position to enter below 85400.
2️⃣ Quality short positions to enter above 91000 and 92000.
