Analysis from the BTC/USDT 4-hour K-line chart:
1. Trend and structure: After the price rose to 110653.6, it continuously fell, forming a double top reversal structure. The short-term bullish momentum has weakened, entering an adjustment period.
2. Moving averages and indicators: MA30 (109272.4), EMA30 (109003.2) both have turned downwards, and the price continues to operate below the moving averages, showing significant moving average resistance. MACD: After the double line death cross, it remains in the negative value range. Although the green bars have slightly decreased, there is no reversal signal, and bearish momentum still dominates.
3. Key support and resistance levels: Previous low 104927.4 (if effectively broken, adjustment space may expand); resistance: moving average convergence area 109272.4 (before recovering this level, rebounds are unlikely to last).
4. Trading signal biased towards bearish: Before recovering the moving average resistance, rebounds can be seen as short-selling opportunities; reversal signal: if the drop to 104927.4 does not break + MACD bottom divergence, it may trigger a weak rebound (needs to be verified with volume).
Core conclusion: Short-term bearish dominance, mainly observing, waiting for support validation or indicator reversal signals.
