The market price of $BTC has fallen to around 119400, just 400 points away from today's explosive starting point of 119000. The starting point for today's market is at the 30-minute Vegas channel support level of 118500. Currently, support is at 118500-119000.
At present, the 30-minute KDJ has formed a bottom and is bouncing back, with two large bearish candles in volume. The MACD is near zero, and the 1-hour KDJ has bottomed out with increased bearish conditions. It can be seen that the market is beginning to form a consolidation phase here, and whether this consolidation is successful will require follow-up indicators.
From the dead cross of the 1-hour MACD, combined with the 30-minute indicators, it can be seen that the market will not temporarily break through the new high, and instead will experience more oscillation and decline, forming a range of oscillation between 118500-123000.
Currently, we are observing the changes in the indicators during the consolidation phase at 118500-119000. It is not advisable to short for now! Wait for the indicators to form an upward trend to buy at the bottom.
