After the price fell to near the daily EMA52 line, it formed support and showed a rebound trend with hourly-level fluctuations.
The daily chart shows a small bullish candle with a long lower shadow, and the trading volume increased by one-third compared to the previous day. The strength of the rebound is decent, but it still closed below the daily MA30 line, which is flattening after an upward move. The MACD indicates a weakening downward momentum.
Here, the price increase encountered resistance at the daily MA30 line, while the hourly-level rebound has also reached the hourly resistance level. Under the double pressure, there will be an hourly-level pullback during the day, and after a second bottoming at the hourly level, we will observe the strength of the rebound.
As mentioned yesterday, a double top formation has appeared on the daily chart, so it is reasonable for the price to continue to decline after fluctuations towards the 2-day line or even the weekly MA30 line for support.
Liquidity will be relatively poor over the weekend, so the volatility will be small. As long as it maintains fluctuations, altcoins may make a comeback, particularly those with capital inflows.
Daily-level resistance levels are 107340-110300-120400-130000, and support levels are 102400-97670-95860-93530.
From the liquidation heat map data of Bitcoin, it can be seen that
The price has risen, and there are a large number of significant and very large short positions waiting for liquidation in the 106200-112400 range.
The price has fallen, and there are still a large number of significant long positions waiting for liquidation in the 104000-100400 range.
