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Analysis at 7:25 AM
The daily chart of Bitcoin shows a continuous decline, testing the support below yesterday's low. Initially, it made a rebound but then formed a bottoming reversal pattern. Currently, the daily chart is showing a medium bearish doji candlestick. The price is currently consolidating with a shrinking volatility, and in the short term, it is still unable to break out of a strong trend. The price is oscillating widely within the range, with a significant amplitude, which challenges the entry points of the trading strategy. We remain unchanged in our view; following the trend and choosing to buy low is always the preferred option.
Suggestion
Bitcoin: Around 118000-118500, target: 120500-120000
Two cakes: around 3710-3680, target: 3820-3800
#BTC#