$BTC Is this wave of decline a washout or a precursor to a crash?
Brothers, Bitcoin currently has a key signal. From the 1-hour level, the price was suddenly sold off heavily around $114,200. Although trading volume increased by 133%, the price actually fell, indicating that many people are concentrating on selling in the short term.
On the technical indicators, the KDJ indicator has shown a downward crossover, and the MACD energy bars are also shrinking, indicating that the downward momentum is still being released. However, there are initial signs of stabilization at the bottom, and a local bottom may be forming.
The price is currently below two moving averages but close to the key support level of $114,000. If it can stabilize here and not break below, there may be a rebound; if it breaks below, caution is needed for further declines. There are many sell orders pressing around $118,100, and a short-term rise to this level will face pressure.
In my personal view, the key focus now is whether $114,000 can hold. If it holds, it may be a bottom-fishing opportunity; if it doesn't hold, caution is advised.
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