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【Bitcoin Ascending Flag Formation Complete, Rebound Target Pointing to 79660?】
Bitcoin, under the influence of Middle East tensions, has been experiencing frequent bull traps and bear traps in small cycles. Therefore, we need to raise our analytical timeframe to observe the market more accurately.
From the perspective of the adjusted 2-day chart, Bitcoin's triangle has broken through the upper boundary and completed a pullback confirmation. The upper support remains valid, and the structure for continued upside is still very clear. Currently, the price is experiencing a pullback and consolidation near the important resistance zone of 73000.
With heavy resistance above, any rebound will inevitably involve back-and-forth oscillations, making short-term operations quite challenging.
At this stage of the market, we estimate the pullback will be relatively gentle. After all, the conflict news hasn't directly crashed Bitcoin, and its short-term resilience has been performing quite well. Below, focus on the support around 68000—69000 first.
Regarding upside pressure, Bitcoin has formed an ascending flag structure. The upper edge of the flag is the resistance level, approximately around 74900, which also overlaps with the 73000—74000 pressure zone. Therefore, the resistance here is extremely significant.
Unless there's a volume breakthrough, it will be difficult for the price to directly break through in the short term. Therefore, this level can still be used as a reference for the first position to reduce holdings.
If the market can truly break through this resistance zone, the upside target can continue to reference the CME gap fill around 79660.
One final reminder:
Ascending flag formations often exist to be broken downward.
Rebounds are rebounds, but once the structure breaks down subsequently, Bitcoin's overall downtrend hasn't ended. The true major-level bottom likely hasn't appeared yet—everyone must keep this in mind.
#比特币重新站上7万美元大关 $BTC #BTC $ETH
Bitcoin, under the influence of Middle East tensions, has been experiencing frequent bull traps and bear traps in small cycles. Therefore, we need to raise our analytical timeframe to observe the market more accurately.
From the perspective of the adjusted 2-day chart, Bitcoin's triangle has broken through the upper boundary and completed a pullback confirmation. The upper support remains valid, and the structure for continued upside is still very clear. Currently, the price is experiencing a pullback and consolidation near the important resistance zone of 73000.
With heavy resistance above, any rebound will inevitably involve back-and-forth oscillations, making short-term operations quite challenging.
At this stage of the market, we estimate the pullback will be relatively gentle. After all, the conflict news hasn't directly crashed Bitcoin, and its short-term resilience has been performing quite well. Below, focus on the support around 68000—69000 first.
Regarding upside pressure, Bitcoin has formed an ascending flag structure. The upper edge of the flag is the resistance level, approximately around 74900, which also overlaps with the 73000—74000 pressure zone. Therefore, the resistance here is extremely significant.
Unless there's a volume breakthrough, it will be difficult for the price to directly break through in the short term. Therefore, this level can still be used as a reference for the first position to reduce holdings.
If the market can truly break through this resistance zone, the upside target can continue to reference the CME gap fill around 79660.
One final reminder:
Ascending flag formations often exist to be broken downward.
Rebounds are rebounds, but once the structure breaks down subsequently, Bitcoin's overall downtrend hasn't ended. The true major-level bottom likely hasn't appeared yet—everyone must keep this in mind.
#比特币重新站上7万美元大关 $BTC #BTC $ETH
