$BTC This position is very critical! The direction will come out soon
Brothers, BTC is currently stuck at a very, very important place: around 107,700. Why is it important?
Because a large number of buy orders are gathered here, and the chips are quite concentrated (transaction volume ratio proves this), the buying power is relatively strong, and it feels like everyone doesn't really want it to fall.
The indicators are strengthening: Look at those two common indicators KDJ and RSI, both have shown a little signal to rise. Especially the RSI, which has broken out of the previous downward channel, may have a bit of upward momentum in the short term.
Success or failure hinges on this: If the price can firmly hold its ground around the 107,700 USD area, and manage to break through 108,000 USD, then it would open a bit of short-term upward space. Personally, I might consider participating in a short-term rebound.
Although it looks a bit promising in the short term, the overall trend is still bearish! Looking at a larger cycle (like the EMA24/52 moving averages), the price is still pressed below these long-term averages. This indicates that it is still too early to talk about a complete reversal.
Now it’s a battle between bulls and bears, and the short-term power may have a chance to counterattack. The 107,700 USD position is the front line battlefield.
If it can hold and push up to 108,000, I can play around a bit in the short term; I am also watching for this breakout signal. If it can't hold, then the bears will still have the final say.
Don’t be misled by short-term fluctuations; before the overall trend changes, position control is always the top priority. If a rebound truly comes, it should be treated as a short-term play, without thinking of making it big in one step.
The market is dull, and those brothers who have suffered losses, come and get the recovery code!
