Bitcoin bounced after touching a new low of 68188, but failed to break through the resistance level of 69529, and formed an evening star pattern near this position. The hourly timeframe has already shown pullback signals. After encountering resistance in this bounce, it began a second retest of the previous low, with very standard price action.
If it can stabilize around 68188, it may form a double bottom pattern with potential for further upside; however, if it continues to fail to break through 69529, it will likely oscillate in the 68188-69529 range. Only an effective break above this resistance level will allow the rebound to continue, with upside targets at 70536 and higher levels. If the previous low is broken, strong support below is at 66588.
Weekend market volatility has limited reference value due to institutional closures. News can easily trigger sharp fluctuations. The true direction needs to be confirmed after US stock market opens on Monday. It is recommended to observe more and trade less.
Operation Suggestions: • On volume breakout above 69254, follow the trend and go long, target 70512-71337. If unable to hold this level, upside momentum will weaken
• On volume breakdown below 68525 with weak bounces that fail to recover, go short
Bitcoin Evening Analysis
Bitcoin bounced after touching a new low of 68188, but failed to break through the resistance level of 69529, and formed an evening star pattern near this position. The hourly timeframe has already shown pullback signals. After encountering resistance in this bounce, it began a second retest of the previous low, with very standard price action.
If it can stabilize around 68188, it may form a double bottom pattern with potential for further upside; however, if it continues to fail to break through 69529, it will likely oscillate in the 68188-69529 range. Only an effective break above this resistance level will allow the rebound to continue, with upside targets at 70536 and higher levels. If the previous low is broken, strong support below is at 66588.
Weekend market volatility has limited reference value due to institutional closures. News can easily trigger sharp fluctuations. The true direction needs to be confirmed after US stock market opens on Monday. It is recommended to observe more and trade less.
Operation Suggestions:
• On volume breakout above 69254, follow the trend and go long, target 70512-71337. If unable to hold this level, upside momentum will weaken
• On volume breakdown below 68525 with weak bounces that fail to recover, go short
• On 4-hour level breakdown below 68359, watch 66993-65777 below
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