Bitcoin's five consecutive bullish days turned bearish, can the 85000 level rise against the trend?
Bitcoin's current price hovers around 85100, at 5:15 AM Beijing time. The previously established long position based on the 85500 level has successfully reached the target of 89000. From the market performance, the main force has been protecting the lower edge of the range for four consecutive trading days, and the support strength in this area is significant. Therefore, the strategy firmly relies on positioning northbound below 85500, and southbound operations are not being considered for now.
On the daily chart level, the price remains under pressure at the critical support level of the 0.786 Fibonacci retracement around 85000. The MACD volume continues to shrink, with the DIF and DEA lines forming a dead cross downwards, indicating a divergence in bearish momentum; in the Bollinger Bands system, the lower support can be noted at 84950, while the middle band resistance focuses on 89700. The current market is operating in an extremely oversold range; although the bearish trend continues, the price has not breached the 0.786 support level, and there have been multiple upward testing movements, highlighting the main force's strong control over the market. The stop-loss for the northbound position does not need to be excessively magnified, as breaking the previous low serves as a clear exit signal.
In the four-hour cycle, a round of five consecutive bullish candles was entirely reversed by a single bearish candle, and the EMA series indicators have converged. The price dropped from the EMA90 resistance level of 89300 all the way down to the 0.786 Fibonacci support level of 85500; meanwhile, the MACD indicator has continuously increased at a low level, forming a clear bottom divergence pattern, indicating that each bottom-fishing action by the main force contains opportunities for a northbound counterattack. From the performance of the Bollinger Bands, the price fell from the upper band of 88300 through the middle band of 86800, eventually retracing to the lower band at 85500 for support, further validating the effectiveness of the northbound strategy around 85000, and existing positions can continue to be held.
