Currently, the BTC market is such that 86000 is not a bottom at all; it's just a transit station on the way down. Based on the trend during this period, the drop from 120000 is not a simple correction but a complete reversal of the trend. Next, we need to focus on the range of 80000 - 85000, which is a place where a lot of trading has happened before. If this range is broken, then below is all falling space. At this time, one should not think about bottom fishing; blindly entering without clear bottom signals is completely just gambling.
The current position of Bitcoin has not yet touched the bottom of this cycle; the current 85k-87k is merely a transit station in the downward cycle. After a rebound, it will still continue to maintain a downward trend. The decline from the new high of 120000 is a reversal of the cycle. Next, focus on 80k-85k; this range is a dense rebound area from the previous low. It is just a matter of time before this round of decline reaches or breaks the previous low. At this time, do not think about bottom fishing; without clear bottom signals, do not blindly enter the market. $BTC
Rebound temptation! The trend of Bitcoin remains unchanged
The rebound to 85000 is a weak pullback, clearly showing a steep decline in the previous period. The RSI is oversold and the low-level doji is merely a short-term breather, definitely not a reversal signal; the rebound here is an opportunity to trade Bitcoin well.
During the day, focus on the range of 86500-87000 for Bitcoin trading, with the first target at 85500; if this level breaks, it can continue to look down to 84000. $BTC