In yesterday morning's market commentary, I reminded everyone to pay attention to the pullback after Bitcoin's upward trend. The daily line closed with a small bearish candle with long upper and lower shadows, and the trading volume was about twice that of the previous day, basically equivalent to the trading volume of the large bullish candle on the 8th. There is a divergence in funds here, and it is not as united and upward as before.
The daily MA30 line is still in an upward trend, so the daily level upward movement has not ended, and the decline is a normal adjustment.
The MACD shows a weakening upward momentum slightly above the zero line, while the price is also a bit far from the daily MA30 line, indicating a need for a downward pullback.
It was also mentioned yesterday that this recent wave of upward movement is driven by the 8-hour upward momentum. A pullback to the 2-4 hour EMA52 line can still allow for short-term long positions. The price directly broke through the 2-hour support and rebounded after reaching the 4-hour support.
The 4-hour rebound is currently not strong enough, while the 8-hour has shifted from weakening upward momentum to strengthening downward momentum, making it easier for the price to continue to fall to seek larger-level support, which is the 8-12 hour support (temporarily around 97880 and 95800). The market will not crash but will gradually oscillate downward, and pullbacks remain opportunities to enter.
Daily level resistance at 106000-110000-120450, support at 99500-97880-95800-92840
From the Bitcoin liquidation heatmap data, it can be seen that
the price is rising, and there are still a large number of big and super large short positions waiting to be liquidated in the 103150-108450 range
the price is falling, and there are still a large number of big and super large long positions waiting to be liquidated in the 100700-98750 range
