Bitcoin (BTC) is currently trading at approximately $106,000, experiencing a slight decline of 1.63% today. The intraday high reached $108,865, while the low touched $105,719.
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š Market Overview
Despite recent price fluctuations, Bitcoin's market structure remains bearish. There is no clear indication that selling pressure is diminishing. Volume analysis and Cumulative Delta Volume (CDV) divergences show no signs of buyer absorption, suggesting that the market has not yet entered a recovery phase.
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š Key Levels to Watch
Support Zone: Approximately $105,000. A breakdown below this level could lead to further downside.
Resistance Zone: Around $110,000. A breakout above this level, accompanied by increased volume, could signal a potential reversal.
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š§ Trading Strategy
Given the current market conditions, it's advisable to remain cautious:
Avoid FOMO: Refrain from entering long positions based solely on short-term price movements.
Wait for Confirmation: Look for a confirmed breakout above resistance levels with strong volume before considering long positions.
Monitor Volume: Pay close attention to volume patterns; a significant increase could indicate a shift in market sentiment.
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*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.*
