Touched 74 again but facing resistance in the short term, awaiting 4H close to determine the next move In last night's analysis, I pointed out that bitcoin hovering around 70,000 was equally probable, but I leaned bullish due to reasons including: 1H-level bullish structure, moving averages, and CB positive basis (although I didn't place a trade based on this) The market broke out of the triangle convergence this morning. I pointed out that after breaking the triangle convergence, bitcoin might test the 73,500 range Yi Lihua's short position information also provided theoretical support for the market rally After US market opening today, it has tested up to the key 74 region, then faced obvious resistance. Currently it has fallen back 1,000 points short-term to around 72,500 If the 4H closes here, it will form an SFP and tend downward, ultimately retesting the 66 range If the 4H close can hold above 74, I believe the subsequent price action will further rally to the 78-81 range I believe there is a high probability that by late March we can hold above 74 and test 78-81, but the probability of achieving it directly today is lower. I think the probability of breakthrough increases as we approach the end of March Before breaking through at the end of March, we can look to buy at pullback lows and aim to sell in the 78-81 range This article is sponsored by #BCGAME | @bcgame @bcgamecoin
Market Outlook
Touched 74 again but facing resistance in the short term, awaiting 4H close to determine the next move
In last night's analysis, I pointed out that bitcoin hovering around 70,000 was equally probable, but I leaned bullish due to reasons including: 1H-level bullish structure, moving averages, and CB positive basis (although I didn't place a trade based on this)
The market broke out of the triangle convergence this morning. I pointed out that after breaking the triangle convergence, bitcoin might test the 73,500 range
Yi Lihua's short position information also provided theoretical support for the market rally
After US market opening today, it has tested up to the key 74 region, then faced obvious resistance. Currently it has fallen back 1,000 points short-term to around 72,500
If the 4H closes here, it will form an SFP and tend downward, ultimately retesting the 66 range
If the 4H close can hold above 74, I believe the subsequent price action will further rally to the 78-81 range
I believe there is a high probability that by late March we can hold above 74 and test 78-81, but the probability of achieving it directly today is lower. I think the probability of breakthrough increases as we approach the end of March
Before breaking through at the end of March, we can look to buy at pullback lows and aim to sell in the 78-81 range
This article is sponsored by #BCGAME | @bcgame @bcgamecoin