The battle between long and short positions in Bitcoin is about to erupt! Can the key support level hold?
After days of decline, Bitcoin indeed continued to dip this morning, precisely testing the critical watershed at 103,000, a battleground for both bulls and bears. If it breaks down, the consequences could be dire.
The daily chart reveals conflicting signals:
Although the previous day closed negative, favoring bears, the Bollinger Bands unexpectedly flattened, suggesting that the downward momentum may be waning.
Short-term moving averages are tangled around the middle band, with an unclear direction.
The MACD has a death cross pointing down, green bars expanding, KDJ turning down, and VR hovering around 110—these are indeed bearish signals, but don't forget, they are operating near the strong support level of 103,000!
The 4-hour chart, however, shows a glimmer of hope:
The price briefly fell below the lower Bollinger Band but was quickly pulled back! This is a signal of short-term overselling.
Although the Bollinger Bands are opening downwards, the MACD fast and slow lines have crossed below the zero line, and the green bars have begun to shrink, while KDJ has quietly golden crossed upwards! VR is also stabilizing around 70.
Does this not look like a sign of the exhaustion of bearish strength, with bulls beginning to organize a counterattack?
Key Insight:
This wave of decline driven by geopolitical tensions has lasted long enough. Now, the support at 103,000 is like the last line of defense for bulls. As long as it holds firm, a short-term rebound is very likely to unfold!
The most practical point for you:
Keep a close eye on 103,000! This is the lifeline for short-term bulls and bears; whether it breaks or holds makes a world of difference in strategy.
Where is the first target for a rebound? The strong resistance above focuses on around 107,000! This is a touchstone to test the quality of the rebound.
The positive signals on the 4-hour chart (lower band retracting, KDJ golden cross, MACD shrinking) deserve high attention! They may be the forerunners of a reversal.
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