The current coin price fluctuates around 108,500, showing a clear structure of spikes and pullbacks on the daily chart. After testing the key resistance level of 110,300 for the third time yesterday, the price quickly came under pressure, forming a 'triple top' pattern, accompanied by shrinking volume, indicating a depletion of bullish momentum.
The 110,300 area has become a watershed for bulls and bears, with multiple attempts to break through strengthening the selling pressure at this position. If the price cannot stabilize above 109,800 (4-hour MA30) during the day, the downward channel will further open. The 4-hour MACD has shown a bearish divergence and crossed downward, the RSI has fallen below the 50 midpoint entering a weak zone, and the KDJ lines are diverging downward, indicating a bearish bias on the short-term technical front. If the price remains below 108,000 (previous low neckline), it may accelerate towards the 105,500-106,000 range (Fibonacci 38.2% retracement level and weekly MA20 support).
Trading suggestions:
- Aggressive traders can gradually position short in the 109,000-109,500 area, with a stop-loss reference above 110,300 and targets at 107,000/105,500.
- If there is a volume-less breakout above 109,800, it can be seen as a second shorting opportunity.
Risk warning: Pay attention to the sentiment at the opening of the US stock market in the evening and changes in market liquidity. If there is a sudden positive news that breaks through 110,500 with volume, a stop-loss and wait-and-see is necessary.
