【Bitcoin Ascending Flag Formation Complete, Rebound Target Points to 79660?】
Big cake is experiencing frequent baiting of long and short positions in intraday cycles due to Middle East situation impacts, so we need to increase our cycle timeframe to observe the market better.
From the perspective of the adjusted 2-day chart, Bitcoin's triangle has broken through the upper boundary and completed a pullback confirmation. The upper support is effective, and the structure for continued uptrend remains very clear. Currently, the price is near the important 73000 resistance zone facing pullback pressure.
With heavy resistance above, any rebound will inevitably involve back-and-forth consolidation, making short-term operations quite challenging.
Given the market situation at this stage, we estimate the pullback will be relatively gentle. After all, the wartime news hasn't directly crashed big cake, and short-term resilience performance remains decent. Below, focus first on the support zone around 68000—69000.
Regarding upside resistance, Bitcoin has formed an ascending flag structure. The upper edge of the flag is the resistance level, approximately near 74900, and this overlaps with the 73000—74000 pressure zone, making the resistance here extremely strong.
Unless there's a volume breakout, breaking through this resistance area directly in the short term would be difficult, so this remains a good reference point for the first position reduction.
If the market truly breaks through this resistance zone, then the upside target can reference the CME gap fill around 79660.
Final reminder:
Ascending flags often exist only to be broken down.
Rebounds are rebounds, but once the structure breaks down subsequently, Bitcoin's overall downtrend is not over, and the true major-level bottom may not have appeared yet—everyone must keep this in mind.
#比特币重新站上7万美元大关 $BTC #BTC $ETH
Big cake is experiencing frequent baiting of long and short positions in intraday cycles due to Middle East situation impacts, so we need to increase our cycle timeframe to observe the market better.
From the perspective of the adjusted 2-day chart, Bitcoin's triangle has broken through the upper boundary and completed a pullback confirmation. The upper support is effective, and the structure for continued uptrend remains very clear. Currently, the price is near the important 73000 resistance zone facing pullback pressure.
With heavy resistance above, any rebound will inevitably involve back-and-forth consolidation, making short-term operations quite challenging.
Given the market situation at this stage, we estimate the pullback will be relatively gentle. After all, the wartime news hasn't directly crashed big cake, and short-term resilience performance remains decent. Below, focus first on the support zone around 68000—69000.
Regarding upside resistance, Bitcoin has formed an ascending flag structure. The upper edge of the flag is the resistance level, approximately near 74900, and this overlaps with the 73000—74000 pressure zone, making the resistance here extremely strong.
Unless there's a volume breakout, breaking through this resistance area directly in the short term would be difficult, so this remains a good reference point for the first position reduction.
If the market truly breaks through this resistance zone, then the upside target can reference the CME gap fill around 79660.
Final reminder:
Ascending flags often exist only to be broken down.
Rebounds are rebounds, but once the structure breaks down subsequently, Bitcoin's overall downtrend is not over, and the true major-level bottom may not have appeared yet—everyone must keep this in mind.
#比特币重新站上7万美元大关 $BTC #BTC $ETH
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