Suppression not broken, will BTC explore lower space again? Key support is being tested
Combining the daily and 4-hour K-line structure, BTC has been continuously closing in the red, the pattern is in a weak arrangement below the moving average system, currently near the middle of the downward channel, and no obvious reversal signal has appeared yet.
Technical analysis highlights:
Moving average system: MA5, MA10, MA20 form a bearish arrangement, and the price has not been able to stay above the short-term EMA(5), with limited rebound strength;
Bollinger Bands: The BOLL channel is opening, and the price is approaching the lower track 101800-101700, with a clear weak running pattern;
SAR Parabolic Indicator: Continues to be above the K-line, with no reversal turning point seen, the bearish trend continues;
Trading volume: Overall shrinkage, indicating funds are on the sidelines, with no strength to organize an effective counterattack in the short term;
K-line structure: A micro rebound appears on the 4-hour chart, but is quickly hindered in the 102800 area, currently transitioning to a fluctuating downward trend.
Operation plan
Current price: 102200
First support level: 100860
Second support level: 99900
Resistance level: 103400
