Has this wave of decline ended? Is Bitcoin going to continue rising?
Just now, a wave of concentrated panic sentiment was released at $BTC . The 1-hour chart clearly shows that the price encountered fierce selling around $114,200, leading to a price drop.
On the technical indicators, the KDJ death cross and the weakening MACD momentum indeed confirm that the short-term bearish strength is quite strong.
However, a potential positive signal is the preliminary 'bottom structure' that has emerged locally, suggesting that the selling pressure in the short term may be nearing its end, and the bearish strength may be close to a short-term exhaustion point.
Currently, the price is operating below the EMA24/52, but the key point is the defense strength of the support level at $114,000. This is the primary observation point to see if the short-term trend can stabilize.
Wind's current view is that if this level can be effectively defended, the bears will find it difficult to break through, and there exists a technical rebound window in the short term. Of course, the obvious strong resistance area at $118,100 not far above has accumulated quite a few trapped positions, making it very difficult to break through directly in the early stages of the rebound.
If you find it difficult to pinpoint the entry due to frequent openings and lack of clear direction, ultimately getting harvested repeatedly by the market, then it would be better to follow Wind's steps for operations. Not promising great wealth, but definitely a stable approach!
