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October 6 Evening Bitcoin Analysis
Looking back at today’s price action, Bitcoin rebounded to a high of 104,186 before facing renewed resistance and pulling back. The short positions initiated earlier in the day accurately timed the move, capturing over 1,500 points in profit.
From a technical perspective, the daily chart has formed an effective double-top pattern, indicating clear resistance signals. On the 4-hour chart, the trend shifted from a stair-step decline to a sideways-downward structure, with frequent pattern changes increasing market volatility and raising the bar for entry timing. Currently, the price is under pressure at the middle band of the Bollinger Bands, and the overall downtrend remains intact. The outlook remains bearish.
Trading strategy suggests mainly shorting on rebounds, paying close attention to key resistance zones for potential entry opportunities.
Look to initiate partial shorts around 104,000 to 104,500.