Hey everyone, it's Saturday, let's talk about BTC market trends.
First, let's focus on key support and resistance levels. Short-term support is $115,000-115,500, a demand zone on the 4-hour chart. Only if it holds above this level can it be considered stable. Resistance is $116,500-117,000, a previous high, making a breakout quite challenging. If it does break below $115,000, a technical sell-off is likely, pushing prices down to $113,000-114,500. Be prepared for this.
Now let's look at the bull-bear dynamics. There are several signals for bulls: the short-term moving averages have formed a golden cross, a bullish signal; the RSI has retreated to neutral near $115,500, suggesting a potential oversold rebound. If it breaks through $117,000, short-covering could accelerate the price upwards. But don't just be happy. The MACD on the 4-hour chart has formed a golden cross below the zero axis, but the momentum bar is shrinking, indicating that the upward momentum is lagging behind. The Bollinger Bands on the 1-hour chart have narrowed to $114,983-117,500, with the price hovering near the middle band, indicating that bulls and bears are still battling.
Finally, regarding trading strategies, Brother Long's advice today is: Go long immediately on a pullback to around 115,700-115,200, with a target around 116,500-117,800. However, a word of caution: the market moves quickly, so always set a stop-loss. This is just personal advice; everyone should consider their own situation and avoid blindly following orders. #BTC