📉 BTC Technical Analysis: Weak Rebound, Downward Pressure Still Exists
Bitcoin's daily line has closed with a small bullish candle, and the trading volume has slightly shrunk compared to the previous day, which is a normal level. The current 30-day moving average has started to turn downward, the MACD fast line has crossed below the zero line, and the slow line is also about to follow suit. After touching the low point on August 3, a technical rebound at the hourly level has occurred.
The strength of this rebound is weak, and it is currently close to the resistance level of $115,000 that we indicated. It is important to note that there is still a risk of further downward movement in the market after the rebound. If the price effectively breaks through $115,000, the next target will point to the daily 30-day moving average ($116,870), at which position short positions can still be considered.
The key support below is at the two-day EMA52 moving average; if the price retraces to this area and shows a pin bar pattern, it is expected to trigger a stronger rebound, pushing the two-day level upward trend.
Short-term trading suggestion: Lightly short near the EMA52 moving average at the 2-4 hour level, while waiting to set up long positions in the support range between the three-day MA30 and the two-day EMA52.
