The 'bulls and bears are fighting at the life-and-death line of 120,000 dollars, today's K-line is a real-time broadcast of the battlefield!'
Brothers, keep an eye on the market! Bitcoin (BTC) is currently hovering around the critical level of 121875.03 USDT (latest price in Figure 1). Looking upwards, the resistance at 122335.16 USDT is solidly welded, and during the day, the bulls charged here but were knocked back by the bears, a typical false breakout trap. Looking down, the support at 120800 USDT is the lifeline for the bulls; if this position really breaks, it wouldn't be surprising to pull back to the previous low of 116359.89 USDT!
Technical signals are very tangled: The yellow line (MA5) and the white line (MA10) are about to merge, indicating that short-term costs are converging, and there is no collapse for now. However, the MACD has just crossed down (green bars turning red), signaling that adjustment pressure is accumulating. Fortunately, the orders show thick buying near 120800 (an order ratio of +0.42% indicates slightly stronger buying willingness), it will take some effort to break through today. In the current situation, it is purely a 'bull-bear meat grinder' mode - the main force is sweeping through the contract players (futures traders), and those chasing highs and cutting losses are easily slapped left and right!
Old Bull's personal opinion:
This position is a psychological battle! The main force repeatedly inserts needles and draws doors, with one goal: to clean out the shaky chips! The intraday volatility is intense, but before the big trend changes, it's better to stay still than to act recklessly!
Today's critical points to watch are two positions:
Ceiling 122335: Want to turn strong? You must break through and stabilize with a strong volume! A high with low volume is just playing tricks.
Floor 120800: This is the life-and-death line! If the closing does not stabilize, we must be alert for a deep pullback; if it can stabilize with reduced volume, there may still be a sequel to the counterattack script.
Tonight's 'Belt Defense Battle' at 120800, will the bulls hold the defense line, or will the bears tear open a gap? The main force's trump card is hidden in the next K-line - is it a feigned attack or a full-on assault? Focus on Old Bull, and let's uncover this big game together!
