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Bitcoin short-term intraday dipped below the key support level of 79,400 and quickly recovered, forming a technical false breakout pattern. The short-term rebound correction has already begun, and this upward move is likely to break through the 81,200 resistance level.
Last night, I had already arranged two Bitcoin long positions, gaining 1,460 points of space.
This morning, I suggested the idea of going long around 79,000 on Bitcoin, with a target of 78,000. Now, the price has already approached the target area. According to my plan, I have already secured over 800 points.
Returning to the current market, from a technical pattern perspective, after the shakeout phase is complete, the market has the capacity for a definitive rebound correction, which is also the area where retail traders are concentrated in stop-loss orders. Additionally, on the four-hour chart, the range of 81,200-81,500 still has an unfilled gap from an upward breakout.
This afternoon, we will still rely on the bullish outlook given in the morning:
Bitcoin around 79,500 long, target 80,500
E-Tate 2240 around long, target 2300