BTC $BTC

Recently, the price has been in a downward trend, fluctuating within a converging triangle. The moving average system shows a bearish arrangement, while the price is testing near the lower trendline of the triangle.

In the short term, multiple indicators indicate a weak market, and with the price approaching support levels, the downward pressure is quite evident. If the lower trendline support is broken, an accelerated decline may occur; if a rebound forms at this position, attention should still be paid to whether it can break through the resistance of the upper trendline of the triangle.

Technical Analysis

Candlestick Patterns: Recently, patterns such as Doji, Bearish Engulfing, and Converging Triangle have appeared, with the price fluctuating within the triangle, awaiting a breakout.

BOLL: The current price has broken below the middle line and is approaching the lower line; the BOLL bands are converging, indicating a short-term weak market with reduced volatility.

MA: The short-term moving average has crossed below the medium and long-term moving averages, and the price has broken below the triangle support, indicating an overall trend shifting from consolidation to bearish dominance.

Alligator: The three lines are converging and interlaced, indicating a lack of trend momentum in the market; attention should be paid to whether the lower support is broken.

EMA: The price has broken below the 144 and 169 period EMA lines and continues to move away, suggesting that the market is transitioning from consolidation to a bearish trend in the short term.

The trendline has been broken, and the market trend is leaning towards a downward trajectory. Although there was an incident last night affecting the market, changing the market is unavoidable.

Support: 100800

Resistance: 104000-105000