Midday Technical Analysis: BTC

At 3 AM yesterday, a spike occurred, plunging to a low of 110k before quickly rebounding and closing above that level, indicating strong and key support at the 112k platform.

The daily candle closed with a long lower shadow, and the pullback was accompanied by increased volume, suggesting some selling pressure in the market, with sentiment leaning towards caution.

The short-term moving averages (7/14/30 days) are arranged in a death cross formation pointing downwards, and the MACD lines continue to decline with the bearish momentum bars expanding, indicating that the medium to short-term adjustment has not yet finished, with bears still holding the advantage. If the subsequent candlestick effectively breaks below 112k, one can look for bottoming opportunities in the 105k–108k range.

The 4-hour level shows a weak short-term trend, with another dip to 112k this morning followed by a rebound, producing three consecutive candlesticks with lower shadows.

Daily trading advice: Watch for resistance at 114.8k–116k above, and consider shorting when the opportunity arises; for support, closely monitor the 112k–111k range below.

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