Bitcoin falls back from highs
2024-12-02


Recently, Bitcoin failed to break through when it was close to the 100,000 mark, fell back and formed a typical triangle convergence trend. From the 4-hour chart, the price of Bitcoin formed two gradually lower highs near 99,000 and 98,000, showing a downward trend structure. More importantly, these highs are all within the high adjustment range, and there is a downward trend, indicating that the current market sentiment is biased towards the possibility of a high fall.

Upper resistance and lower support

Upper resistance: The current short-term resistance of Bitcoin is around 96,300. If the price breaks through this level, it is possible to break the upper edge of the triangle convergence and form an upward break structure, and may continue to challenge the key level of 100,000 in the future. If the price continues to be under pressure in this area, the probability of a breakthrough in the short term is low.

Lower support: The key support level below is at 93,500, which is also the lower edge of the triangle convergence pattern. If the price falls below 93,500, it may accelerate to around 90,000.

Current Trend and Operation Suggestions

Currently, the price of Bitcoin has broken below the short-term oscillation range, and the signs of downward movement are more obvious. Combined with the current trend, it is recommended to give priority to short-selling opportunities after the rebound. In terms of operation, focus on the pressure of the upper 95000-95500 range. If the price rebounds to this range and fails to break through, a short-selling strategy can be considered.

Stop loss and target setting

Stop loss: If the price breaks through 96300, it is regarded as a trend break, and it is recommended to stop loss and exit.
Target price: The short-term target is set at 93400 and 91000, which are the key support areas below.
Summary

Overall, Bitcoin's high-level oscillation pattern is more obvious, and market sentiment may be biased towards a callback. The breakthrough of key resistance and support areas will determine the future trend. It is recommended to trade according to these key levels and pay close attention to whether the price breaks through the support and pressure near 96300 and 93500.

I hope this analysis can help you make trading decisions. Thank you for your support and participation!