Bitcoin is currently trading within a narrow range. Yesterday’s daily candle closed as a small bearish inverted hammer. After rising, the price met resistance around the middle Bollinger Band; gains stalled near 83,100 before it pulled back.
The morning session extended the decline, briefly finding support at 81,100. It is now fluctuating around 82,000. From a technical perspective, those who have not entered long positions can wait for a sustained hold above 80,000 before considering an entry. The lower limit of support for this pullback is around 78,000.
On the 4-hour chart, 80,800 has repeatedly absorbed selling pressure and is a key support level. The window for bulls to buy the dip in this range-bound market is limited; a directional breakout could occur at any time once consolidation ends.
Trading strategy:
Consider entering long if Bitcoin pulls back to the 80,700–81,300 range. The first target is 82,600–83,200, with further upside toward 84,000.
The morning session extended the decline, briefly finding support at 81,100. It is now fluctuating around 82,000. From a technical perspective, those who have not entered long positions can wait for a sustained hold above 80,000 before considering an entry. The lower limit of support for this pullback is around 78,000.
On the 4-hour chart, 80,800 has repeatedly absorbed selling pressure and is a key support level. The window for bulls to buy the dip in this range-bound market is limited; a directional breakout could occur at any time once consolidation ends.
Trading strategy:
Consider entering long if Bitcoin pulls back to the 80,700–81,300 range. The first target is 82,600–83,200, with further upside toward 84,000.