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Is Bitcoin about to start a major rebound?! How high will it rise? This may be Bitcoin's last chance!
As shown in the figure, BTC has now fallen to the trend line support near 94,000, which is its last line of defense in the bull-bear battle. Previously, after stabilizing at this trend line, it started a significant rebound. There is also a chance this time; if it doesn't rebound from here, then Bitcoin will truly be in a dire situation.
If everything goes well, Bitcoin is expected to rebound to the previous support level around 98,000-98,000. This was originally a support level during the decline, but after breaking below it, the support and resistance levels have switched, turning this into a resistance level for the rise. If BTC rebounds to this level, I will short one position.
From a macro perspective, Bitcoin has indeed entered a bear market. The rebound that started at 94,000 is just a natural rebound after a significant drop. Don't make the wrong judgment; when it rebounds, remember to exit and prepare to short. The upcoming bear market is still long, with fluctuations and rebounds continuing over a year. It won't just drop to the bottom in a few weeks.
The rebound of this 94,000-95,000 in the chart was mentioned by Shuqin on Thursday and Friday, and then we also opened a long position at 95,000. On Saturday, it rebounded to 97,300, successfully taking profit. If it can drop again in the near future, we can also try to make another attempt~