Bitcoin K-line shows consecutive bearish candles, still in a downtrend.
- In the daily timeframe, the price has gradually decreased from 87232.01 to 81642.31, forming a clear descending channel.
2. Technical indicators:
- MACD: In the 4-hour timeframe, the MACD remains negative and the histogram is expanding, indicating strong bearish momentum, with further downward pressure in the market.
- RSI: The current RSI value is close to the oversold area but has not entered the extreme oversold state, a short-term rebound may occur, but the overall trend remains weak.
- EMA: The price has fallen below EMA7 and EMA30, and is moving towards EMA120, showing significant pressure from short-term and medium-term moving averages, while long-term support has not been reached.
3. Trading volume:
- Daily trading volume has decreased in recent days, from a high of 27183 to 1133, indicating reduced market activity.
- Trading volume in the 4-hour timeframe has been relatively stable, with no significant signs of expansion or contraction.
【Buy and Sell Levels】
- Buy Point One: 80500 USDT (close to the previous swing low of 81278.52, integer support level)
- Buy Point Two: 79500 USDT (further down to a stronger integer support level, considering the market may continue to pull back)
- Long Stop-Loss Point: 79000 USDT (below Buy Point Two, to guard against a price drop below the key support area)
- Sell Point One: 83000 USDT (near the EMA7 and EMA30 resistance zone, integer resistance level)
- Sell Point Two: 84000 USDT (close to the previous swing high of 84624.73, a strong selling pressure area)
- Short Stop-Loss Point: 84500 USDT (above Sell Point Two, to avoid the risk of a rebound after breaking the previous high)
