February 24 Morning Silk Road and Suggestions

Recently, Bitcoin has been frequently forming resistance levels, catching traders off guard. The bulls and bears are engaged in intense battles. Last night, the price rebounded from 86,500 to a high of 88,300 before facing resistance and falling back to 87,000. The price has been oscillating within the 88,500 to 56,500 range, with a clear stalemate between bulls and bears. Currently, the price is fluctuating around 87,000.

On the 4-hour chart, the price remains under pressure at high levels, repeatedly attempting to break above but failing to stabilize above the 90,000 mark. Resistance above is strong. The price stays above the lower band of the Bollinger Bands, with solid support below. It is unlikely to break below key support levels in the short term. The MACD indicator shows a weakening red histogram shrinking in size and forming a death cross pointing downward, indicating short-term downside risk. Maintain a high short position and low long position strategy.

For Bitcoin trading, focus on two ranges: 88,500-89,000 and 85,600-86,000. Set proper stop-losses.

For altcoins, focus on 2,990-3,010 and 2,917-2,900. Set proper stop-losses accordingly.