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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Bitcoin market review, Technical Analysis and operation suggestions
Yesterday, the Bitcoin market showed distinct characteristics. During the day, it maintained a small range of fluctuations, and in the evening, the price continued to rise, reaching a peak of around 120300. Although it repeatedly broke through the 120,000 integer level during this period, there was a subsequent pullback. However, the pullback was weak, and the price gradually increased at low levels, which fully demonstrates the strong support from buyers below.
From the four-hour technical analysis, the Bitcoin price is currently near the middle band of the Bollinger Bands. The MA indicator shows a bullish arrangement, and combined with the golden cross, it forms a strong bullish resonance signal. In addition, the bullish engulfing pattern that has recently appeared in the K-line further increases the probability of Bitcoin breaking upward in the short term.
Based on the above market review and Technical Analysis, Bitcoin is expected to continue rising today. In terms of operations, it is recommended to place long positions near 118500, with a target price initially set at 120600. If the market performs strongly, it can be further looked at reaching 121500.
#ETH# #BTC#