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1.5 Weekly Morning Market Analysis
Bitcoin surged to 91810 and faced resistance, then pulled back. The recent high point resistance is clear!
The MA7 has turned downward and diverges from the MA30, with the price struggling around 91400 but unable to stay above the moving averages. Buying momentum visibly weakens. The formation of a bearish engulfing candle plus an expanding bearish body indicates that the selling pressure is accelerating.
Resistance is at 91800, and the support at 90800-91000 has sharply decreased in validity. If it falls below 91500, it will head straight for 89800-90000!
Trading Strategy: Confidently short in the 90800-91500 range, targeting 90000-85200!