Bitcoin recently surged to the key resistance level of 94,588 before beginning a pullback. In the short term, bullish momentum is rapidly diminishing, not only breaking below the middle band of the Bollinger Bands but also dropping to a stage low of 87,500 in the early morning. From the indicator perspective, it is currently operating between the middle and lower bands. The upper band exerts a significant resistance, while the lower band provides temporary support but with limited strength. The Bollinger Bands are opening with a downward turn. If the rebound cannot stabilize above the middle band, it is highly likely to continue the downward trend.
Trading Suggestions Bitcoin in the 90,500-91,000 range, aiming for 88,000, with a downside target of 86,500. Altcoin at 3,180-3,220 range, aiming for 3,100, with a downside target of 3,050.
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Monday Night Bitcoin and Altcoin Strategy
Bitcoin recently surged to the key resistance level of 94,588 before beginning a pullback. In the short term, bullish momentum is rapidly diminishing, not only breaking below the middle band of the Bollinger Bands but also dropping to a stage low of 87,500 in the early morning.
From the indicator perspective, it is currently operating between the middle and lower bands. The upper band exerts a significant resistance, while the lower band provides temporary support but with limited strength. The Bollinger Bands are opening with a downward turn. If the rebound cannot stabilize above the middle band, it is highly likely to continue the downward trend.
Trading Suggestions
Bitcoin in the 90,500-91,000 range, aiming for 88,000, with a downside target of 86,500.
Altcoin at 3,180-3,220 range, aiming for 3,100, with a downside target of 3,050.