$BTC Main force is retreating crazily, will there be opportunities tonight?
BTC's short-term trend is a bit precarious! From a technical perspective, the current market shows several dangerous signals.
First, on the funding side, the main force has clearly been withdrawing these past few days, with large sell orders appearing frequently, leading to continuous price suppression.
Looking at the indicators, both the KDJ and MACD indicators at the 4-hour level have formed a 'death cross', a double kill signal that often indicates the start of a correction cycle.
The continuous three bearish candles (black three soldiers pattern) have directly undermined the bulls' confidence, indicating that the downward momentum is still accumulating.
Although the medium to long-term moving averages EMA24 and EMA52 still maintain a bullish arrangement, the MACD energy bars continue to shrink, indicating that the bulls have temporarily 'stalled'.
The current price is testing the key support level of $105,375. If this level is lost, it may trigger a chain reaction, testing the strong support areas at $103,700 and even $100,300.
Worse still, the market trading volume continues to shrink, and bottom-fishing funds are hesitant. In such a situation, it is easy to see a 'shadow decline' market.
I personally observe a contradictory phenomenon: on-chain data shows that long-term holders (LTH) have not yet sold off on a large scale, indicating that the foundation of the bull market is still there, but the short-term funding and sentiment are indeed deteriorating.
If US stocks continue to adjust tonight, or if the geopolitical conflict in the Middle East escalates, BTC is likely to be dragged down as well. It is advisable to keep a close eye on the $105,375 defense line; if it breaks, consider retreating and looking for opportunities after stabilization.
Remember, those who survive in a bear market are the ones who qualify to wait for the next wave of surges.
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