$BTC 【The Bitcoin bullish structure remains intact; price is testing the key support-resistance flip zone at 82800–830000 again】
Bitcoin is trading around 82900.
Yesterday, Brother Huang said that as long as Bitcoin didn’t fall below 79000, the bullish structure would remain intact, so the focus would be on buying dips in the short term. From yesterday until now, the position has gained over 2000 points in unrealized profit. As for Ethereum, yesterday I also said that the 2300–2350 strong support zone was a good area to go long and seek a rebound, and it offered an entry opportunity. The position is now up around 100 points as well.
Looking at the current chart: Bitcoin’s low last week was just above 79700. It retested the upper boundary of the large parallel range several times last week, as well as the key 0.618 Fibonacci level between 75000 and 87000+, but did not break below either decisively. That’s why Brother Huang judged that the bullish trend was still intact. For now, keep an eye on whether Bitcoin can break through and hold above the key 82800–83000 support-resistance flip zone mentioned yesterday. A decisive breakout would bring resistance around 84400 into view. If both key resistance levels are cleared, Bitcoin could have a chance to continue toward 87000 and even the previous high.
For trading, stick with yesterday’s strategy. I already closed my short-term long position around 83000. I’ll watch for a breakout, then consider adding a small position if the price breaks through and holds firmly, before watching how it performs at 84400.
Follow Brother Huang and join the chat for daily insights into the broader market.
You can also leave a comment to get an analysis of a coin’s price action.
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Bitcoin is trading around 82900.
Yesterday, Brother Huang said that as long as Bitcoin didn’t fall below 79000, the bullish structure would remain intact, so the focus would be on buying dips in the short term. From yesterday until now, the position has gained over 2000 points in unrealized profit. As for Ethereum, yesterday I also said that the 2300–2350 strong support zone was a good area to go long and seek a rebound, and it offered an entry opportunity. The position is now up around 100 points as well.
Looking at the current chart: Bitcoin’s low last week was just above 79700. It retested the upper boundary of the large parallel range several times last week, as well as the key 0.618 Fibonacci level between 75000 and 87000+, but did not break below either decisively. That’s why Brother Huang judged that the bullish trend was still intact. For now, keep an eye on whether Bitcoin can break through and hold above the key 82800–83000 support-resistance flip zone mentioned yesterday. A decisive breakout would bring resistance around 84400 into view. If both key resistance levels are cleared, Bitcoin could have a chance to continue toward 87000 and even the previous high.
For trading, stick with yesterday’s strategy. I already closed my short-term long position around 83000. I’ll watch for a breakout, then consider adding a small position if the price breaks through and holds firmly, before watching how it performs at 84400.
Follow Brother Huang and join the chat for daily insights into the broader market.
You can also leave a comment to get an analysis of a coin’s price action.
$ETH $SOL