Long-term Trend

Continuing our analysis from yesterday's video, Bitcoin continues to exhibit a pattern of oscillation and consolidation. It is worth noting that although the price has not seen a significant increase, it has challenged the resistance level of 43,300 mentioned in yesterday's video for two consecutive days. Moreover, there has been a rapid increase in bullish volume, indicating that recent signs of a rebound have begun to relax the vigilance of traders with positive expectations for the future. This is a scenario that bearish forces are pleased to see. Therefore, we need to pay more attention to the maintenance of the wide-ranging oscillation trend in the long term, as this will not only cause wear and tear on positions but also pose a greater test to the holding mentality.

Medium-term Trend

Looking at the medium-term chart, in the second round of the 43,300 resistance challenge yesterday, although the price still failed to break through successfully, it formed a long lower shadow spinning top candlestick pattern with support at 42,044, indirectly indicating an effective bullish defensive performance. This undoubtedly has a boosting effect on the subsequent medium-term trend. However, we must not overlook the heavy resistance above and the extremely close price situation. The 44,000 resistance level given yesterday remains unchanged, but the 44,620 resistance level has gradually moved to around 44,500 through step-by-step confrontations between bulls and bears. The time left for the bulls will become increasingly urgent, because in the current situation, the longer the oscillation, the higher the possibility of completing the trend reversal from bullish to bearish in the medium term.

Short-term Trend

On the short term, we drew a potential triangular structure yesterday. Although the expectation was to test the lower boundary and watch for a downward breakthrough, the price only tested the lower boundary and then launched two feigned attacks upwards. It is worth noting that the short-term lows continue to rise, and the highs have broken new records, indicating that the current trend is upward. However, from a structural perspective, the potential triangular structure did not ultimately materialize, and the expectation for a W-shaped bottom is also very critical. From the perspective of the market, whether it is the long, medium, or short term, or from the bullish or bearish perspective, it is not very suitable for entering the market. Prudent observation is currently the most appropriate way to operate.

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