BTC Technical Analysis:
Yesterday, we clearly indicated a bearish opportunity at the 115K resistance level. The market peaked at 115K and then fell back, with a minimum drop to 112.6K, completely in line with expectations.
Since the new high in mid-July, BTC has formed a top box oscillation for nearly 20 days. Last Friday, it broke the key support at 116K, officially starting a downward wave. Currently, we are in the second wave of downward movement, targeting the 110K mark.
Key resistance levels: 114K-115K (the US market has repeatedly surged and fallen back, with clear signals of main force escaping)
Short-term support: 112.5K-111.5K (if broken, it will accelerate the drop to the psychological level of 110K)
Breakdown target: 11K (the theoretical target for the second wave downward on the daily chart)
4-hour level: Yesterday, the US market saw a significant bearish candlestick, confirming a bearish dominance. The early morning rebound was on low volume, and a large bearish candlestick appeared again in the morning, increasing downward momentum. The MACD shows a death cross below the zero axis, and the RSI has entered the oversold zone but has not stagnated, still allowing for further decline.
Trading Strategy: Short on the rebound at 114K-115K, with a stop loss above 116K, targeting 112.5K → 11K.
Bullish defense: If it stabilizes above 115K, be wary of a false breakdown that could lure shorts.
Brothers who feel unclear about the direction of recent trades can (click on the avatar) reach out to me anytime for one-on-one answers to your operational questions!
