10.31 Tao Ge Talks About Bitcoin
On October 30, Bitcoin fluctuated around 111000, with a daily drop of over 2.8%, rebounding after hitting the support level of 107925. Although the current market is dominated by bears, the technical indicators are showing signs of an oversold rebound, and the tug-of-war between bulls and bears is ongoing.
Technical Analysis
- Key Support and Resistance Levels:
The support levels to watch are 107500, 105500, 103500, and 101600, among which the area near 107500 is a crucial short-term support zone;
The resistance levels are 111300, 113000, 114000, and 116000, with 111300 being the primary breakout target for the recent rebound.
- Technical Indicator Signals:
The MACD indicator shows divergence, with a golden cross formed on the 4-hour chart, while the daily chart is still in a bearish arrangement;
The RSI indicator has fallen into the oversold range of 13-16, indicating that short-term selling pressure has been sufficiently released;
The lower band of the Bollinger Bands on the 4-hour chart provides temporary support, but the overall downtrend has not yet been reversed.
Operational Reference
In the short term, attention can be paid to the support range of 107000-107500. If it stabilizes here, one might consider going long, with an initial target of 108300, and after breaking through, look at 109500. Market sentiment remains relatively weak, and operations must strictly control risks, setting take-profit and stop-loss levels in a timely manner. #BTC☀️ $BTC
