The Bitcoin market is experiencing a sustained weekly level correction. The latest technical analysis indicates that the Bitcoin price may further dip to the range of $105,000 to $104,000.
The current weekly chart shows a continuous decline for three weeks, with no obvious signs of a stop in the decline. Historical experience indicates that only a weekly level reversal pattern (bullish engulfing) similar to the bottoms on April 7 and June 22 can confirm the end of the pullback.
The daily chart shows that there is significant support around $104,000, which is the convergence of the daily EMA200 moving average and the daily fair value gap (FVG). If this support fails to hold, the next key support area is between $98,000 and $96,000, corresponding to the daily level's 2x Vegas channel. It is worth noting that on August 5 and April 7, there were instances where the daily level broke below and then reclaimed the 2x Vegas; should a similar situation occur again, it may indicate the formation of a bottom at the daily or weekly level.
The 4-hour chart shows that Bitcoin is currently in a descending channel. The resistance level for rebounds within the channel is at $110,800, and breaking this level may push the price up toward the major resistance level of $113,500. If it cannot break through, it may continue to dip to the range of $105,000-$104,000.
It is worth noting that although Bitcoin is showing a main downtrend, other cryptocurrencies (OTHERS) remain relatively strong, exhibiting a range-bound fluctuation. This divergence suggests that the market may be at the end stage of a four-year cycle. It is expected that when Bitcoin stabilizes and begins to rebound, other cryptocurrencies may experience more significant increases. As long as OTHERS do not drop below 203b, the overall market will maintain a bullish pattern.
Overall, the current market is at a critical technical position, and investors should closely monitor the performance of the aforementioned support and resistance levels to seize potential trading opportunities. At the same time, attention should also be paid to risk management, as market volatility may intensify.
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PermabullPete
· 09-03 05:14
Just stock up, there's nothing much to say.
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MetaNomad
· 09-02 18:47
If it's going to fall, let it fall hard! Buy explosively at 100k.
View OriginalReply0
SilentObserver
· 08-31 18:50
What are you doing? Let's go!
View OriginalReply0
CryingOldWallet
· 08-31 18:47
I can't stop laughing, it fell again. Why did I buy so early?
View OriginalReply0
LiquiditySurfer
· 08-31 18:47
Surfing naturally requires good waves, let's wait for 105k to surf.
View OriginalReply0
AirdropGrandpa
· 08-31 18:36
Rebound个锤子，耐心等狠砸
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GamefiHarvester
· 08-31 18:31
Looks like the bears got slapped in the face again.
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RumbleValidator
· 08-31 18:27
This data is not sufficient to infer the end of the cycle.
The Bitcoin market is experiencing a sustained weekly level correction. The latest technical analysis indicates that the Bitcoin price may further dip to the range of $105,000 to $104,000.
The current weekly chart shows a continuous decline for three weeks, with no obvious signs of a stop in the decline. Historical experience indicates that only a weekly level reversal pattern (bullish engulfing) similar to the bottoms on April 7 and June 22 can confirm the end of the pullback.
The daily chart shows that there is significant support around $104,000, which is the convergence of the daily EMA200 moving average and the daily fair value gap (FVG). If this support fails to hold, the next key support area is between $98,000 and $96,000, corresponding to the daily level's 2x Vegas channel. It is worth noting that on August 5 and April 7, there were instances where the daily level broke below and then reclaimed the 2x Vegas; should a similar situation occur again, it may indicate the formation of a bottom at the daily or weekly level.
The 4-hour chart shows that Bitcoin is currently in a descending channel. The resistance level for rebounds within the channel is at $110,800, and breaking this level may push the price up toward the major resistance level of $113,500. If it cannot break through, it may continue to dip to the range of $105,000-$104,000.
It is worth noting that although Bitcoin is showing a main downtrend, other cryptocurrencies (OTHERS) remain relatively strong, exhibiting a range-bound fluctuation. This divergence suggests that the market may be at the end stage of a four-year cycle. It is expected that when Bitcoin stabilizes and begins to rebound, other cryptocurrencies may experience more significant increases. As long as OTHERS do not drop below 203b, the overall market will maintain a bullish pattern.
Overall, the current market is at a critical technical position, and investors should closely monitor the performance of the aforementioned support and resistance levels to seize potential trading opportunities. At the same time, attention should also be paid to risk management, as market volatility may intensify.