"Long Trap"?
After a strong upward move following the January opening, Bitcoin has risen for five consecutive days, rebounding over 13% from its December low. Although the price has broken above the downward trend since November, it still remains confined within the December opening range.
As long as the price is still suppressed below the range's resistance, the overall structure suggests that long positions remain relatively vulnerable. The current focus shifts to: will this rally evolve into a sustained breakout, or will it ultimately be proven a "long trap," paving the way for renewed downward pressure? The battle lines on Bitcoin/USD's technical chart have now been drawn.
In fact, Bitcoin is still trading below key technical resistance while the December opening range remains intact—watching the breakout direction will provide guidance. From a trading perspective, if the price continues to lean downward during this phase, any rebound should be capped around 94,236.
After a strong upward move following the January opening, Bitcoin has risen for five consecutive days, rebounding over 13% from its December low. Although the price has broken above the downward trend since November, it still remains confined within the December opening range.
As long as the price is still suppressed below the range's resistance, the overall structure suggests that long positions remain relatively vulnerable. The current focus shifts to: will this rally evolve into a sustained breakout, or will it ultimately be proven a "long trap," paving the way for renewed downward pressure? The battle lines on Bitcoin/USD's technical chart have now been drawn.
In fact, Bitcoin is still trading below key technical resistance while the December opening range remains intact—watching the breakout direction will provide guidance. From a trading perspective, if the price continues to lean downward during this phase, any rebound should be capped around 94,236.