Bitcoin has been testing 116,000 without success. Affected by data, it has directly pulled back by a significant margin. Many crypto enthusiasts must have been thoroughly shaken by this wave of operations, right? As long as the green mountains remain, there’s no fear of not having firewood. Danger and opportunity often coexist. Now that the price has started to show a certain rebound, is it possible to continue rising and for the bulls to recover the downward space? I believe there is definitely an opportunity.

In the four-hour results, the price has already bottomed out. Compared to the previous trend, the candlestick has formed three upward pushes, with the lows moving up. Therefore, this pullback and washout may lead to a high surge. Currently, the daytime market is still in a slow upward trend, and the evening session may directly see a large bullish candle breaking through. Additionally, the bearish volume indicators are starting to shrink, and the downward momentum is weakening; moving up is just a matter of time and space conversion.

For today, it is recommended to look bullish around the 108,700-108,400 area, targeting near the 111,500 mark. The points are for reference only.

Follow the public account, "What can relieve worries? Only Jiang Wei," a treasure analysis blogger with high emotional value. He shares trading education for free, bringing stability and clear guidance in the restless trading market, with experience spanning three bull and bear cycles and years of practical trading. He specializes in naked K, trends, Dow theory, Gann, harmonics, Chan theory, wave theory, and other technical analyses, gathering unique insights.

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