$BTC

The current price is hovering around 107700, showing a sideways oscillation trend. Since the drop started on May 23, the price has touched the lower Bollinger Band, which is a key position to see if it can hold.

From a technical standpoint, although the MACD is still below the zero line indicating a bearish advantage, the momentum of the histogram is weakening, which is a good sign showing that the downward pressure is decreasing. The candlestick has formed a spinning top near the lower band, indicating a tug of war between bulls and bears, with market sentiment being very cautious. If the MACD can form a golden cross, there will be a chance for a short-term rebound.

In terms of action, aggressive traders can try to go long with light positions around 107000, as this is both a previous low and the lower Bollinger Band, providing strong support. Place a stop loss below 106000; if this position is broken, it indicates that the trend is indeed going down. The upper resistance is around 108100, which is the middle Bollinger Band position. If broken, the rebound potential opens up. If you want to short, you can try around 108100, but remember to place the stop loss above 109000; breaking this position indicates a possible trend reversal.

Currently, market volatility is very low, and the Bollinger Bands are very narrow, indicating that everyone is waiting and observing. This market condition is most suitable for range trading, selling high and buying low, but always ensure to have a good stop loss to avoid being tricked by false breakouts.

Conservative traders can wait for the trend to clarify before entering the market. In today's market, making a small profit is sufficient; don't expect a huge gain.

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