11.27 Bitcoin's decline slows down! Will it start to rise?
Yesterday we saw Bitcoin decline to the key support level around 92800. We hope this level can support the price of Bitcoin and end its correction, but as we entered last night, Bitcoin continued to fall below this key support.
From the chart above, we can observe that after breaking below this key support level, Bitcoin did not fall much further before attempting to rebound, indicating that there are still people who believe this is an effective support. However, after a weak rebound, it continued to decline.
So far, the lowest price in this round of decline has reached around 90700, nearing the integer threshold of 90000. Currently, the price has slightly rebounded back to around 93000.
Looking at the daily chart, yesterday's daily candle closed as a bearish candle, but it is evident that the magnitude of this decline was not as much as the day before. This can be seen as a slight indication of a stop in the decline. I have also illustrated the support area for the current Bitcoin price on the chart above.
In this area, Bitcoin has a chance to hold its support. Those who are cautious can continue to wait. When the price starts to show sideways fluctuations around this area or a false breakdown occurs, I expect that is when Bitcoin's price will finish its correction and start to rise.
So we can first wait for the daily chart to print a bullish candle before observing false breakdowns or sideways fluctuations in the short term. I believe this is the most prudent approach.
