Bitcoin Bulls Face Final Showdown as Consolidation Signals Potential Crash

Zhang Lihui has analyzed the current state of Bitcoin's market and advises caution for investors.

The price of BTC hit a new low on September 14th but was able to recover, breaking through key resistance levels. The four-hour chart shows that the candlestick has surpassed the upper band and the overlapping resistance at MA120 and MA60.

This indicates that Bitcoin is moving upward, and investors can take profits and reduce their position. However, Zhang Lihui cautions against entering short positions immediately, suggesting patience until the bulls finish their move.

The daily chart shows a parallel channel with no change to the consolidation pattern. There is support at MA30 below, and the price is stabilizing at the middle band and the MA15 point. The KDJ and RSI indicators remain tilted upward, but are forming a cross, indicating that the bulls still have room to move.

Zhang Lihui advises paying attention to pressure at the high point on September 11th and the upper band area, suggesting taking profits on long positions there and switching to shorts accordingly.