Bitcoin 1-hour cycle: Rebound momentum has completely exhausted, the bearish crushing pattern has emerged
Bitcoin rebounded from a low of 87205, but after all this time, it still cannot stabilize at the critical 90000 level. The rebound highs are getting lower, and the strength of the bulls is visibly waning, with heavy selling pressure above like a mountain.
Looking at the short-term moving averages, MA7 and MA30 have long since turned downward, forming resistance. Every time the price barely stands above the moving averages, it gets pushed back down. The signal for a short-term trend reversal to bearish is already clear.
The recent candlestick patterns are even more interesting, all featuring long upper shadows. The range of 90000-90500 is like an iron plate, and it simply cannot break through. This is a typical bull trap; don't be fooled by the bulls into buying in.
Currently, the price is around the support of 89500, which looks as fragile as paper. If this position breaks, the next test will be the previous low of 87205, and breaking it will directly open up downward space.
In terms of operations, go short in the range of 90100-90600, with a target looking first at 88100-88600.
Bitcoin rebounded from a low of 87205, but after all this time, it still cannot stabilize at the critical 90000 level. The rebound highs are getting lower, and the strength of the bulls is visibly waning, with heavy selling pressure above like a mountain.
Looking at the short-term moving averages, MA7 and MA30 have long since turned downward, forming resistance. Every time the price barely stands above the moving averages, it gets pushed back down. The signal for a short-term trend reversal to bearish is already clear.
The recent candlestick patterns are even more interesting, all featuring long upper shadows. The range of 90000-90500 is like an iron plate, and it simply cannot break through. This is a typical bull trap; don't be fooled by the bulls into buying in.
Currently, the price is around the support of 89500, which looks as fragile as paper. If this position breaks, the next test will be the previous low of 87205, and breaking it will directly open up downward space.
In terms of operations, go short in the range of 90100-90600, with a target looking first at 88100-88600.
