Let's take a look at today's market analysis. First, let's look at Bitcoin. After a long period of consolidation, Bitcoin has finally achieved a breakthrough. As we mentioned before, we have already captured nearly 5,000 points in the market above the 10,000 mark.
Next, how should we approach Bitcoin? Last night, there was a surge, and we previously discussed the range of 80,000 to 90,000.
Then, there was a significant drop. After this drop, this morning it successfully recovered again. As I mentioned before, there was some resistance at this level. If you had placed short orders in this range according to our video, you would have successfully captured a small profit from this drop.
Previously, we said that we need to watch for a pullback to the 85,000 to 84,000 range.
Unfortunately, it did not reach this range and instead rebounded. Currently, the price is still in the 88,000 to 90,000 range.
As it consolidates and fluctuates, our thought process becomes clear. We will watch for the price to break through the 88,000 to 90,000 range and stay above 90,000. The price will then move towards the next target, which is the range of 93,000 to 95,000 that we mentioned earlier. As for how to operate with Bitcoin, the hourly chart shows a clear upward trend.
Personally, I believe that as long as the trend line on the hourly chart is not broken, we can buy on dips according to this trend line.
If it breaks below the trend line, there are two points to watch. The first point is the 86,300 mark, which is a nearby support level. If this point holds, you can be a bit aggressive and place long orders along the trend line.
For the medium to long term, we can continue to buy on dips as long as it does not break below 86,000, with the target being above 90,000. This concludes today's market analysis for Bitcoin.
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