Death cross bears down, don't force it; repeated failures to hold support are a warning shot!
Brothers, there's a chill in the market! The current price is being firmly pressed around 115745, struggling in an awkward position. Looking up, two mountains are suffocating—MA5 (5-hour moving average) is stuck at 249.73, MA10 (10-hour moving average) is hanging at 345.52, and the key is their position! The current price is clearly being held down by these two lines, and MA5 has cruelly crossed below MA10, forming a death cross!
In plain language: brothers who entered the market for the short and slightly longer term are basically trapped above the moving average cost, with floating losses! These two lines are not a staircase but a ceiling; every time there's a rebound and you want to touch it, it feels like touching an electric switch, and you get slapped back by the selling pressure. The glaring red arrow + large bearish candle combination on the chart is clear evidence that the bears have just launched an attack!
Old bull's perspective: the atmosphere is bearish, the support at 114100 is precarious, and 113655 may struggle to hold its own!
The market sentiment tells me that the 'support level' of 114100 is likely to face great danger today! Support is not made of steel and concrete; it is a sandcastle built from market consensus. The price is lingering around 114100, with the death cross mountain overhead and a trading volume of only 305.5 below, like a sick cat gasping for air—this is not a buildup for a counterattack; it's just a pause in the decline! Countless experiences have validated that this kind of slow defense of support often leads to a sudden break, rushing straight to the next target of 113655! Weak trading volume further indicates that no one dares to take large positions, and the bears' bulldozer has not encountered decent resistance.
Recall last year's event: death cross overhead + shrinking volume grinding the platform, with big names shouting to buy the dip, only for it to fall off a cliff after breaking down. Today's trend, that sluggish and grinding feeling, feels familiar! In a market lacking confidence, paper support is the easiest to break through.
The bears are pressing down on the bull, is 113655 a solid bottom or just paper? Keep a close watch on the market!
The bulls now look like frostbitten eggplants. The bears are controlling the market, pushing the price towards the edge of 114100. If 114100 is effectively broken (and doesn't close above), 113655 will be a bear's easy catch. Survival rule in the crypto world: don't go against the trend, don't pick up pennies in front of a bulldozer. Patience will allow you to survive longer than impatience. This afternoon, keep a close eye on the critical points of 114100 and 113655; if broken, it means the downward space will be torn open again!
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