10.31 BTC is bound to break the high or experience a deep decline.

CN
1 month ago

Technical Key Points Analysis:

  • The daily level has seen four consecutive bullish candles, with a surge that just reached the previous high near 73800 before pulling back. The next day closed with a bearish candle, and without a strong breakout near the high, it has been consolidating at high levels. This kind of movement is likely to first pull back for confirmation, making it unwise to chase after high prices. Only after confirming the pullback will it continue to rise.

  • On the 4-hour chart, the first support is at 71500, the second support at 71000. The first resistance above is at 73000, which is also the high point for the second push after forming the peak. The second resistance is the double top pressure in the 73800 area;

  • For Bitcoin, it is recommended to short near 72800-73000, with a stop loss at 73500 and a target of 71700-71300;

  • For the downside, it is suggested to go long near 71500-71300, with a stop loss at 70800 and a target of 72600-72900.

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