Bitcoin Short-term Trading Strategy: Key Positions Determine the Market
The current market trading volume has significantly shrunk, indicating a strong wait-and-see sentiment, with both bulls and bears awaiting a directional breakout. Technically, Bitcoin is at the end of a converging triangle pattern, about to choose a direction.
Current Market Situation
Technical Formation: Bitcoin's price is approaching a strong support level at $115,000, but the trading volume is extremely low, making the short-term trend direction unclear. Although a bullish engulfing pattern has appeared in the support area, the lack of volume undermines the reliability of the signal.
Moving Average System: The current moving average system is in a tangled state, with the price below the short-term moving averages but above the long-term moving averages, further reinforcing the market's oscillating characteristics. The “golden cross” formed by the 50-day SMA ($114,431.6) and the 200-day SMA ($103,114.1) still supports the medium to long-term bullish trend.
Momentum Indicators: The MACD daily bearish strength has weakened, but the short-term rebound on the 2-hour chart is limited, lacking strong trend guidance.
Key Support Levels: $115,000-$115,300 (recent consolidation platform); $114,500-$114,720 (previous low and EMA120 support)
Key Resistance Levels: $117,200-$117,300 (recent high and breakout confirmation level); $117,800-$118,000 (psychological barrier)
Long Position Strategy: $115,000-$114,500, Stop Loss: $140,000
Target: $116,000-$116,500