🌹May 8 BTC chart analysis + Chande theory diagram teaching lecture 22👇

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BTC chart analysis:
Everyone, are you all shouting that the bull market has returned? Are you all calling for a push to 100,000? The big coin has temporarily broken through 98,500 USD, and we are now near a relatively high position of 99,500 in the previous fluctuation range. Are we really going to push for 100,000 from here?
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Recently, market sentiment has been high, with calls for a "bull market return" and "BTC hitting a hundred thousand dollars" being heard everywhere. From the price trend, BTC has successfully broken through the key level of 98500 dollars in the short term and is now approaching the relative high of the previous fluctuation range near 98800 dollars. The market's attention is focused on whether it can leverage this momentum to break through the hundred thousand dollar barrier.
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🎉From a technical analysis perspective, under the four-hour chart framework, the BTC price briefly retraced after effectively breaking through the key resistance level of the Fibonacci retracement line at 96000 USD, quickly resuming an upward trend, indicating strong bullish support near this price level. According to Fibonacci retracement and extension theory, the next potential resistance range is around 102000 USD, where this level serves as a significant psychological and technical resistance, making it relatively difficult to break through. The market may face intense long-short battles at this position.
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Combining the clearing map data observation, the potential space and probability for a price pullback in the current market environment are relatively more attractive, but this does not mean that the price will inevitably go down. The market trend ultimately depends on the comprehensive game result of the capital strength, trading strategies, and market sentiment of both bulls and bears.
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🎉Based on the current technical pattern and market dynamics, I personally believe that the BTC price is likely to encounter some selling pressure around $99,000 during the day, which may trigger a pullback to seek support near $97,600. If the bullish forces can effectively absorb the selling pressure during the pullback, it is not ruled out that the BTC price may attempt to break through the $100,000 round number in the evening, driven by market sentiment and funds. However, it is essential to closely monitor changes in market trading volume, breakthroughs of important resistance levels, and dynamics of the macro market environment to flexibly adjust trading strategies.
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