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BTC 26800 to Pullback to 22600 after Recent Bullish Momentum?

Bitcoin has experienced a sudden bullish reaction, breaking through the 26k level, which is a positive sign for buyers who gain more confidence in the current market. However, although the price managed to surpass the important resistance at 26,400, it failed to close above this level. The day closed at a range of 24,680, indicating that buyers are likely to experience a short-term sideways movement at this resistance range.

During this period, the bulls may still reach the 26,800 price range, but this could also result in a pullback to 22,600, which will be a decision point for the current bullish momentum. If the momentum continues, Bitcoin could reach the 28k to 32k resistance area. The current week started on a bullish note, and the closing of the current weekly candle will determine if this is a sustainable trend or a trap. There is a possible technical analysis (TA) of 28k next if the 26,800 resistance is conquered.

Shorting the current price reaction to 26,400 may fail, as the current hanging man on that resistance is not enough assurance that the price will get rejected immediately. However, if the buyers fail on the second rejection, this could lead to a deeper pullback with a TA of 22,600 and 20,800.

交易進行

Shorting BTC at the current range, based on the first ongoing rejection at 26400, may not be wise for shorters. This is because the current range appears to have a bullish tendency that could push the market up to 26800 before experiencing a second rejection. For those looking to short BTC, it is important to exercise patience and wait for the second rejection before entering a position. If the sell-off persists during this second rejection, the supply could increase, causing a mini bounce around the 22600-22400 mini support level. However, this could cause bears to hit bulls, potentially driving the market down to 20800. I will continue to update this analysis as the situation evolves.

交易進行

With only two days remaining until the weekly candle closes, the bulls have been dominating the current weekly candle, creating unfavorable conditions for shorters to capitalize on any scalping opportunities. This bullish pressure is likely to persist until the price range of 26800 to 27k, but this will require a breakthrough of the current 26400 resistance level. The bullish momentum will trigger a pushdown, leading to the possibility of a new week starting below 24k. It's important to note that the 268600 to 26970 range could be a trap for buyers, so setting a stop loss at 23789 would be a wise decision for those looking to buy.

註釋

BTC has surged to 26800, leaving no room for shorters to profit. The key question now is how long can BTC maintain its hold above the 26800 to 27400 range to continue its upward trend. This range contains a significant number of sellers who could potentially push back against the current bullish momentum. This counterattack could pose a major challenge and potentially favor the sellers, leading to a rejection below 24k.

註釋

BTC has reached a critical resistance level at 28k range, and it's crucial to consider it as an area up to 27800. As a result, it's essential to anticipate a strong reaction when a new daily candle opens. Consequently, BTC may break below the 26k level, and if the pullback persists, we could see a further downward movement towards the 22800 support zone. It's wise to expect that the bears will make their presence known before the 28k resistance is cleared. The question now is whether the BTC bulls can maintain the momentum after the 27400-27600 range

註釋

I am not surprised that BTC bulls are still holding on as I previously mentioned that the bull pressure was too strong to Short, and that shorters would need more patience. My plan is to Short around the 28k up to 28280 rejection area, but this will require patience. It is likely that the new daily candle opening in 1 hours will cause the first stop hunt for shorters on the 28k resistance. Market makers may allow the price to cross the whole number only to react downward from that range before BTC goes down between the range of 28k to 28280, providing a better short opportunity at the resistance