In a weak market condition, do not blindly buy the dip
During the early hours, Bitcoin declined to around 98200 and found some support. This morning, it slowly rebounded, reaching a peak of around 1020. Although there is a short-term rebound, the strength is limited, and there is also significant selling pressure above. There are no clear reversal signals in the short term.
On the weekly chart, a large bearish candle has solidified the current weak market condition, causing the moving averages to shift downwards. Meanwhile, the MACD indicator has started to turn downward. With the breach of the 100,000 mark, there is a tendency for continued downward movement in the larger trend.
The daily chart shows a bullish candle starting to form, but if it cannot recover the losses of the previous days, the market will still be in a weak downtrend, with 950 being the immediate medium-term target.
For medium-term reference, consider shorting in the 1019-1030 range, watching around 950.
