Bitcoin has temporarily broken through the triangle consolidation pattern at the hourly level but failed to hold above the upper boundary, with a shooting star forming at the high, indicating significant selling pressure above. This rebound touched 71342 before encountering resistance and retreating, returning to run within the triangle while completing the first retest of the 70408 support level.
If the 70408 support holds effectively, there remains the possibility of another breakthrough of the triangle pattern in subsequent trading; to initiate a new round of uptrend, we must first break through the shooting star high of 71342, then push forward to overcome the 71565 resistance level. Only after solidifying both these critical levels can we target 72350 and higher points; failure to break through any level will limit upside potential.
If the market weakens and breaks below 70408 support, it will probe the 69809 neckline, which is the extreme support limit for this rebound adjustment; once broken, the rebound structure from 69809 to 71342 will be destroyed, with subsequent focus on 69203 and prior lows support, with 68214 becoming the next target if continued breakdown occurs.
This rebound is not without precedent: the prior white box zone showed an inverted morning star pattern, laying the foundation for the rebound; subsequently, as price encountered resistance at 70408, the retest of 69809 confirmed effective support, leading to the 71342 rebound rally. The logic is clear and traceable.
Operation Reference
• Breakout above 70865 with volume can chase long for rebound trading;
• Break below 70033 with volume coupled with inability of rebound to recover can chase short, with strict stop loss.
Timeframe Outlook
• Hourly level: Hold above 70865, target 71565-72350 above, invalidated if unable to hold;
On the daily level, Bitcoin has formed an isolated high after the surge then retreated to run within a flag pattern zone, overall returning to consolidation mode. Flag upper boundary 74606, lower boundary 66580; swing traders can engage in range-bound high selling/low buying around this zone, with timely stop loss upon breakout or breakdown. The consolidation cycle is unknown; the longer the consolidation, the more opportunities for high selling/low buying; currently daily MACD fast and slow lines have crossed above zero axis, with bulls dominating the market, focusing on pullback-driven long positioning.
$BTC Evening Market Analysis
Bitcoin has temporarily broken through the triangle consolidation pattern at the hourly level but failed to hold above the upper boundary, with a shooting star forming at the high, indicating significant selling pressure above. This rebound touched 71342 before encountering resistance and retreating, returning to run within the triangle while completing the first retest of the 70408 support level.
If the 70408 support holds effectively, there remains the possibility of another breakthrough of the triangle pattern in subsequent trading; to initiate a new round of uptrend, we must first break through the shooting star high of 71342, then push forward to overcome the 71565 resistance level. Only after solidifying both these critical levels can we target 72350 and higher points; failure to break through any level will limit upside potential.
If the market weakens and breaks below 70408 support, it will probe the 69809 neckline, which is the extreme support limit for this rebound adjustment; once broken, the rebound structure from 69809 to 71342 will be destroyed, with subsequent focus on 69203 and prior lows support, with 68214 becoming the next target if continued breakdown occurs.
This rebound is not without precedent: the prior white box zone showed an inverted morning star pattern, laying the foundation for the rebound; subsequently, as price encountered resistance at 70408, the retest of 69809 confirmed effective support, leading to the 71342 rebound rally. The logic is clear and traceable.
Operation Reference
• Breakout above 70865 with volume can chase long for rebound trading;
• Break below 70033 with volume coupled with inability of rebound to recover can chase short, with strict stop loss.
Timeframe Outlook
• Hourly level: Hold above 70865, target 71565-72350 above, invalidated if unable to hold;
• 4-hour level: Break below 69827, target 68766-68313 below.
On the daily level, Bitcoin has formed an isolated high after the surge then retreated to run within a flag pattern zone, overall returning to consolidation mode. Flag upper boundary 74606, lower boundary 66580; swing traders can engage in range-bound high selling/low buying around this zone, with timely stop loss upon breakout or breakdown. The consolidation cycle is unknown; the longer the consolidation, the more opportunities for high selling/low buying; currently daily MACD fast and slow lines have crossed above zero axis, with bulls dominating the market, focusing on pullback-driven long positioning.