Bitcoin rebounded to just below 107,000 early yesterday morning, facing pressure and pulling back. The analysis suggests that it continues to follow an upward channel, with a spike down to 104,200 in the evening before rebounding again. Currently, the four-hour chart has formed a broadening pattern.
U.S. stocks are still maintaining an upward momentum, and Bitcoin is also showing a relatively weak pullback. Therefore, whether this wave of U.S. stock rebounds will also follow a harmonic pattern of 1.13 before pulling back is not ruled out, similar to Bitcoin. Thus, the current trend is quite uncertain with many ambiguous factors.
When you think that all assets will plummet during an economic recession, the truth is that Wall Street is frantically bottom-fishing in oil. On one side, JPMorgan warns that the probability of recession has soared to 60%, with oil prices dropping below $60, hitting a four-year low. On the other side, giants like Goldman Sachs and Blackstone are secretly hoarding oil futures, with net long positions surging by 300%. Behind this is a violent game of cognitive dissonance, which I can elaborate on later.
Bitcoin
The four-hour chart has formed a broadening pattern. The recent fluctuations in the U.S. market have been small but still show an upward trend, which also reflects Bitcoin's relatively weak performance during its decline. The daily chart shows a rebound facing pressure at the middle Bollinger Band. I have always believed in the concepts of time, space, and momentum, and we are still missing a third wave of decline here.
Support: 96,000—98,000—103,000
Resistance: 107,000—110,000—112,000
Ethereum
The daily chart is still maintaining a short-term consolidation, and the narrowing Bollinger Bands on the daily chart indicate a potential change in trend. It is recommended to take short-term high sell and low buy positions for now. The weekly chart has shown ten consecutive doji candles, forming a pattern that suggests a bullish signal.
Support: 2,100—2,200—2,300
Resistance: 2,800—3,300—4,100
The altcoin season indicator 14 has also dropped to near recent lows, with SOL, SUI, STX, DOGE, etc., already reaching the first target level mentioned. Given that Bitcoin has not yet bottomed, altcoins are close to the second target level, so consider buying in batches.
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This article is time-sensitive and for reference only, with real-time updates.
Focusing on K-line technical research, sharing global investment opportunities. Public account: BTC Trading Prince Fusu
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