After the non-farm payroll data was released last night, the market's performance was unexpected. Although the data was below expectations, which is usually seen as a bearish signal, the price of $BTC rose against the trend.
Above the $97,500 level, the bears have repeatedly attempted to suppress it, but the bulls have failed to break through effectively, indicating that the bearish defense line above is relatively strong.
From a technical perspective, Tiger Brother observes that the candlestick has effectively broken below the middle band of the Bollinger Bands and has consecutively closed with bearish candles, showing signs of a weakening short-term trend. The Bollinger Bands are gradually converging, and the middle band is beginning to turn downwards, with bullish momentum gradually diminishing. The price of Bitcoin is approaching the key support level near the lower band of the Bollinger Bands around $96,000. If this support area is broken, it may trigger a new round of technical correction.
Bitcoin can attempt to establish short positions in the range of $96,800 - $97,200 in batches, with a stop loss set at $97,800, targeting $95,500 - $95,000.
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