🔥May 8 BTC chart analysis + Chande theory diagram tutorial lecture 22👇

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BTC chart analysis:
Brothers, are we all shouting that the bull market is back? Are we all calling for a push to 100,000? Bitcoin has briefly broken through 98,500 USD, and we are also near the relative high of 99,500 in the previous consolidation range. Are we really going to push to 100,000?
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Recently, market sentiment has been high, with calls for a "bull market return" and "BTC hitting $100,000" echoing everywhere. From the price trend perspective, BTC has successfully broken through the key level of $98,500 in the short term and is now approaching the relative high around $98,800 in the previous consolidation range. The market's focus is on whether it can leverage this momentum to break through the $100,000 mark.
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🔥From a technical analysis perspective, under the four-hour chart framework, the BTC price effectively broke through the key resistance level of the Fibonacci retracement line at 96000 USD, only experiencing a brief pullback before quickly resuming its upward trend, indicating that bullish forces have strong support near this price level. According to Fibonacci retracement and extension theory, the next potential pressure zone is around 102000 USD, which serves as an important psychological and technical resistance level, making it relatively difficult to break through. The market may face intense long and short battles at this position.
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Based on the analysis of the clearing map data, the potential space and probability for price adjustments in the current market environment are relatively more attractive. However, this does not mean that prices are bound to decline. The market trend ultimately depends on the comprehensive game result of the funding strength, trading strategies, and market sentiment of both bulls and bears.
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🔥Based on the current technical patterns and market dynamics, I personally believe that the intraday BTC price is likely to encounter some selling pressure around 99000 USD, triggering a pullback to seek support near 97600 USD. If the bullish forces can effectively absorb the selling pressure during the pullback, there is a possibility that the BTC price may attempt to break through the 100000 USD integer level in the evening, driven by market sentiment and funds. However, it is important to closely monitor changes in market trading volume, breakthroughs of important resistance levels, and the dynamics of the macro market environment to flexibly adjust trading strategies.
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