$BTC plummets for four consecutive days! $115,600 becomes the line of life and death, is a rebound opportunity coming?
BTC daily line has closed in the red for four days in a row, with the bottom continuously moving lower, today closing at the key support level of $114,500! After forming a 'reverse U-shaped arc top' technically, it began to correct. Powell clarified that there would be no interest rate cuts in August, and institutions have shifted to betting on a rate cut in September. The negative news has been fully priced in, and a rebound may be on the horizon in the short term!
If $114,500 holds or quickly rebounds after breaking, one can go long, targeting $116,400 and $117,600;
If $116,400 breaks and stabilizes, one can chase long; if it falls back, one should go short, with a stop-loss at $117,200, targeting down to $115,600 and $114,800.
Current support and resistance need to be re-tested, it is recommended to enter after a right-side breakout or breakdown for a more stable approach!
BTC may have a rebound after a short-term oversell, but be cautious of the risk of September rate cut expectations falling through. Focus on the $114,500 support; if it holds, the probability of a rebound is high, if broken, it may continue to probe lower!
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