Is it time to buy the dip for BTC or continue to wait?
After reaching a historical high of $124,545, $BTC has continuously declined. As of now, it has touched a low near $112,500.
The daily Bollinger Bands show both the middle and lower bands opening downwards, while the MACD indicator continues to release green energy bars. The KDJ and RSI have both fallen from the overbought zone, forming a typical bearish arrangement. Although two doji candles appeared over the weekend, it is merely a resting point for the bears.
However, the 4-hour chart shows that the price gained temporary support around $112,500, resulting in a technical rebound. Nevertheless, the lower Bollinger Band remains tilted downwards, and the middle band is following suit, suggesting that the rebound is limited. At this moment, it is advisable to short high but not to chase shorts!
Additionally, the short positions entered at $115,800 on Monday and Tuesday have already locked in profits, and it is now crucial to remain calm; when everyone is discussing buying the dip, perhaps you should consider if your stop-loss is set properly?
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