Observing the daily chart, the moving average system has shown a downward divergence. From a technical perspective, a downward divergence in moving averages typically indicates the establishment of a short-term downward trend in the market, which tends to have a certain degree of continuation, making it more probable for prices to continue moving downward. In conjunction with the current market pattern, the characteristics of a bearish trend are clear, and the rebound momentum in the market remains weak. It is expected that the market will continue to trend downward in the early hours. Investors should pay close attention to the defense and offense at the key support level of 110000. If this support level is effectively breached, it may open up new downward space; if prices receive effective support here, it could trigger a stage-wise rebound. However, the current market is still dominated by bears, and it is recommended to maintain a short-selling approach during rebounds. #Bitcoin plummets, 290,000 people liquidated#
