BTC Morning View: Waiting for Choice After Weak Rebound, Focus on Key Levels

Brothers, this morning BTC's market is still grinding, overall in the "waiting for choice after weak rebound" stage, so we need to be extra cautious in our operations.

First, let's look at last night's large order situation. A $43.3 million order is hanging in the range of 108600 to 108800, and it hasn't been filled yet. This is something to pay close attention to—if the bears actively take this order, there will definitely be a wave of selling pressure in the short term, and the market is likely to be dragged down.

Next, let's analyze the technical aspect, which is also not very optimistic. First is the moving averages, EMA7 (108551) and EMA30 (108616) are both higher than the current price, forming a weak arrangement of "price below the line", indicating that the short-term trend is still bearish. Then looking at MACD, the dual lines have formed a dead cross below water, and the histogram has dropped to -66.47, with bearish momentum continuing to expand, showing no signs of stabilization. Lastly, looking at RSI, the 1-period RSI has reached 22, already entering a mild oversold zone, but the 3-period RSI is only at 46, not yet at an extreme oversold level, which means there is likely still room for further declines, so don't think about bottom fishing right now.

Mu Xin's view is to focus on the range around 108700-108400, with a first look at 107500; if it breaks below, then look down towards 106000.

However, an important reminder is that if the market breaks through 108800 again, the short position strategy before defending 109000 must be adjusted quickly. The market volatility has been high recently, making it easy for sudden price spikes to occur. Be sure to do a good job of risk prevention, set stop losses and take profits in advance, and don't get caught off guard by the market. #BTC☀