Recently, the trend of Bitcoin has shown a clear decline, and the market is in a weak rebound phase:
In the short term, although the price has shown a technical rebound, the strength is relatively
weak, and the pressure level is clear. The K-line is running near the lower band of the Bollinger Bands,
the moving average system also shows strong resistance to the rebound, making it difficult to go up unilaterally. In addition, various indicators (such as TD, RSI, KDJ) feedback that the overall market still leans bearish, with only short-term repair demand, and the future market may focus on low-level fluctuations or further testing of support levels.
The K-line shows that the black three soldiers confirm the downward trend, and the nearest substantial possibility is a rebound to 117,000 (close to the recent resistance level MA7 around (approximately 116,855.4), the rebound may face obstacles, and an upward overbought signal from KDJ may appear for a correction.)
The overall Bollinger Bands are opening downward, with bears clearly dominating, the MACD double lines are below the zero axis, and the red bars are fading. This indicates a weakening downtrend, but short positions still prevail. The short-term moving average (MA7) is downward, and the medium-term moving average (MA30) is still in a downward trend, with insufficient rebound strength. The RSI indicates a weak low range, with limited signs of rebound, and market sentiment remains weak.
Today's topic is mainly bearish, with bullish as a supplement.
Bitcoin is expected to fluctuate around 114,000~115,000, looking at 111,000.
Ethereum is expected to fluctuate around 3500~3450, looking at 3300.
