Update on support and resistance levels after the strong decline the currency experienced in the past hours.
*Resistance Levels**:
- Strong Resistance: 119,500
- Medium Resistance: 118,000
- Near Resistance: 117,000
*Support Levels**:
- Near Support: 115,000
- Medium Support: 114,700
- Strong Support: 114,000
A sharp decline in price accompanied by an increase in trading volume (2.39 billion USDT), confirming the strength of selling pressure.
*General Market Direction**: Bearish in the short term, with an attempt to form a potential bottom
All technical indicators suggest continued selling pressure, with the possibility of a short-term technical rebound due to some indicators approaching oversold areas.
Bitcoin is experiencing clear selling pressure with a sharp decline from the level of 119,500 to 114,701.9. Technical indicators confirm the bearish trend, but the RSI approaching oversold areas may indicate the possibility of a short-term technical rebound. Traders are advised to exercise caution and wait for confirmation of a bottom formation before entering buy trades, with stop-loss orders placed below the 114,000 level. For short-term traders, the 117,000 level can be considered a potential profit-taking target in case of a rebound. Always remember to manage your risks wisely and not to invest more than you can afford to lose.
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