Evening Trading Strategy for Bitcoin

The current trend for Bitcoin is quite weak, and the key support at 110000 has been broken. Next, we need to watch the recent low at 107000. The resistance is around 114000 to 116000.

The indicators are also not very optimistic; the MACD on the daily chart shows an increasing bearish momentum, and the RSI at 42 is in a neutral to weak position, indicating insufficient rebound strength. Although the lower Bollinger Band around 109000 has been touched, historically, the rebound probability is 59.6%, but it requires volume to support it.

Brother Chen's evening strategy is still bearish. It is recommended to wait for the price to return to the range of 110300-110700 to enter the market, with the initial target set at 109300. If it breaks below that, then look at 107500. Remember, always set a stop loss properly. #Blockchain# #CryptoCircle# #btc