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Bitcoin price movement review and outlook
Looking back at yesterday's Bitcoin price performance, it began to rise steadily from early morning, successfully breaking through the previous high point, reaching a high near 122400 at one point. However, the good times didn't last long; as overbought signals emerged, the upward momentum came to a halt, and the price began to decline continuously, dropping to around the 118000 mark by the morning.
Currently, the Bitcoin price remains above the mid-line of the four-hour candlestick chart, but from the analysis of the 12-hour trend, its upside potential is already limited. Looking at the daily level, it shows a clear large bearish pin bar pattern. Based on these technical characteristics, I personally expect that the subsequent trend is likely to continue the downward trend observed yesterday afternoon.
Based on the above analysis of the market, the following operational suggestions are given: Bitcoin can be shorted around 119500, with the initial target price set at 118200. If the market movement continues to decline as expected, the next target can be set at 116800. Review and outlook on Bitcoin price movement.
Looking back at yesterday's Bitcoin price performance, it rose steadily since early morning, successfully breaking through the previous high and briefly reaching a high of around 122400. However, the good times didn't last long, as overbought signals emerged, halting the upward momentum, and the price continued to decline, dropping to around the 118000 mark by morning.
Currently, the Bitcoin price is maintained above the middle track of the four-hour K-line chart, but from the analysis of the 12-hour movement, the upward expansion space has already become limited. Looking at the daily level, it shows a clear large bearish pin bar pattern. Considering these technical features, I personally expect that the subsequent movement will likely continue the downward trend observed yesterday afternoon.
Based on the above analysis of the market, the following operational suggestions are given: Bitcoin can be shorted around 119500, with the first target price looking towards 118200. If the market movement continues to decline as expected, further attention can be directed towards 116800.