New week BTC market: Weekly chart holds above key position, lower timeframes need to attack resistance zone.

At the start of the new week, BTC successfully held above the middle band of the weekly Bollinger Bands this morning when the weekly line was closed. After experiencing three days of sideways fluctuations, it was good to see a breakout in the last trading session yesterday. From the weekly level perspective, the important support has been held, but the smaller scale market still needs to continue challenging the resistance levels.

The recent decline of BTC is very similar to the trend at the end of August and the beginning of September — both are characterized by a drop in solid bearish candles, and it just happens to fall to the support level of the Vegas channel on the daily chart, while also hitting the support of the lower Bollinger Band on the daily chart.

The daily MACD trend has improved, and it is highly likely that this wave of increase will continue for some time.

Looking at the four-hour and one-hour levels, the pressure ahead is mainly concentrated in the densely packed range of the box, approximately between 111700 and 113500. The upper edge of this box is still an important gap position; whether it can break through depends on whether the volume can keep up after filling the gap.

As for intraday trading, it is recommended to wait for a one-hour pullback to the support range of 111400-111000. As long as the support holds, you can continue to position for long trades.