Short-term trend weakens, bears dominate
Bitcoin surged to 106173 yesterday but faced resistance and fell back, forming a clear top pressure. It then fluctuated around 105100. The 4-hour MACD shows a bearish divergence and a death cross, while the RSI has dropped below 50, indicating a depletion of bullish momentum and a gradual takeover by bears. If the price continues to be pressured below 105800, it may further test support downwards.
Key support faces a test, breaking it will open downward space
The current price hovers around 105300 but has broken the rising trend line on the hourly chart, indicating a weakening short-term structure. Pay close attention to the support at 104800 (middle band of the daily Bollinger Bands); if it is lost, it may accelerate the drop towards the 103500-103800 area. If the rebound fails to break through the resistance at 105800, the bears will still hold the dominant position.
In terms of operations, it is recommended to place short positions on rallies.
Aggressive traders can try shorting with a light position around 105300, setting a stop-loss above 105800; initially looking at 104500, while more conservative traders should wait for a confirmation of a break below 104800 to follow up and then target 104000. If the price unexpectedly rebounds and holds above 105800, the trend needs to be reassessed. In the evening, pay attention to the impact of U.S. stock movements on the cryptocurrency market, and be wary of increased volatility risks.
