Is $BTC at the end of the correction or the beginning of a new downtrend?
Current price: $113,833
Daily Technical Outlook:
RSI = 33: Very close to the oversold area → We may witness a technical rebound soon
MACD: Clearly in a negative direction and expanding in red bars = momentum is still downward
Bollinger Bands: The price is touching the lower limit → Possible signal for a rebound or fluctuation
MA(10) and MA(5): Have been broken and the candles are below = Confirmation of the downward trend unless they are breached again
Proposed Strategy: Speculative trade on a technical rebound
Entry
Initial Entry: Between 112,000 – 113,500 (Potential accumulation area)
Confirmatory Entry: If it breaks 115,500 (10-day average)
Targets (in case of rebound):
First Target: 116,800
Second Target: 119,800
Third Target: 122,000 – 123,500
Suggested Stop Loss:
Below the level of 110,000 (Critical local bottom)
Strict stop for speculators: 109,000
Summary:
We are still in a daily downtrend
However, indicators suggest a potential technical rebound in the coming days
Any clear break below 110,000 will confirm the continuation of the drop to the areas of 105,000 then 101,000
