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Morning Thoughts
Bitcoin has been oscillating back and forth these past couple of days, with a fierce game of tug-of-war between bulls and bears. It has been fluctuating between the 7.4 and 7.6 range. Currently, Bitcoin is consolidating around 7.63, while the bears remain at a stalemate.
On the 4-hour chart, the overall trend is still upward, but recent attempts to rebound have been weak. There may be a retracement afterward. The key support zone is around 7.65 to 7.8, which must see increased volume and stabilization to continue the upward move. Technically, the MACD histogram has significantly shortened, and the Bollinger Bands are gradually narrowing, indicating that short-term momentum for a rebound is lacking.
On the 1-hour chart, Bitcoin shows some minor divergence, but the price is slowly rising. Although the short-term momentum favors the bears, I personally do not recommend chasing the short-term rally. A better strategy might be to trade within the range of the consolidation.
Trading Suggestions:
Buy around 76,600 with a target near 75,800
Buy around 2,350 with a target near 2,280