Current status: Breaks of the bearish flag pattern, testing support at 68,400; 69,145 is a key resistance. No positive news to boost the rally, only to chase liquidity; currently bearish bias; if 69,140 cannot hold, avoid longing and consider shorting on a break below 68,400. Prioritize mood over the New Year, with light positions and accept losses.
• Hold at 68,400: Consolidate and bottom out, wait for a rebound • Break below 68,400: Drop to 67,260-66,580 range, bearish trend confirmed • Surpass 69,150: Stabilize and consolidate, then rebound; if unable to break through, expect mainly downward movement
• 4H Breakline: 68,280; if broken, watch for 67,180-66,070
Trading Suggestions: • Long: Break through 69,100 with volume, wait for a pullback without breaking lower to add longs, target 70,320-71,140
• Short: Break below 68,330 with volume, if a rebound fails to hold, consider adding shorts, target 67,210-66,010
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February 16th Midday Bitcoin Public Outlook
Current status: Breaks of the bearish flag pattern, testing support at 68,400; 69,145 is a key resistance.
No positive news to boost the rally, only to chase liquidity; currently bearish bias; if 69,140 cannot hold, avoid longing and consider shorting on a break below 68,400. Prioritize mood over the New Year, with light positions and accept losses.
• Hold at 68,400: Consolidate and bottom out, wait for a rebound
• Break below 68,400: Drop to 67,260-66,580 range, bearish trend confirmed
• Surpass 69,150: Stabilize and consolidate, then rebound; if unable to break through, expect mainly downward movement
• 4H Breakline: 68,280; if broken, watch for 67,180-66,070
Trading Suggestions:
• Long: Break through 69,100 with volume, wait for a pullback without breaking lower to add longs, target 70,320-71,140
• Short: Break below 68,330 with volume, if a rebound fails to hold, consider adding shorts, target 67,210-66,010