Yesterday, the Bitcoin price showed a significant rise. As of this morning, it has already broken through the high point of 114800. However, from a short-term technical analysis perspective, after reaching a recent high, Bitcoin has not been able to stabilize at the high level and has shown preliminary characteristics of an M-top pattern, which indicates that the short-term trend is very likely to reverse.

From the 1-hour candlestick chart, the price of Bitcoin has fallen below all short-term moving averages, while the MACD indicator has formed a death cross at a high level, and the green bearish momentum bars are continuously lengthening, all of which indicate that the market adjustment will continue in the short term.

Therefore, today Lixiang believes that attention can be paid to the pullback trend at high positions, suggesting to short when the price is between 115400-114900, with the target price looking towards 113500-112300 first.

#ETH #BTC #加密市场反弹