Analytics

BTC: Continuous Decline Is A Sign That The Bears Are Strong

Merry Christmas, everyone
It went up to near $7,435 and fell back under pressure. rebounded after touching $7,200. Without standing firm, the trend was consolidated in the $$7,200 short-term.
From the perspective of trading volume, the amount of rebound can be weak, and the amount of decline again is also weak. The current interval is the finishing interval after the second deep bottom V rebound of BTC, which has certain supports. there is still a possibility to rebound again after shocking.

Supported by the Bollinger Band middle rail, MA5 and MA30 are flattened, forming a near-term pressure.
The MA10 and the Bollinger Band middle rail formed the support. As a whole, the market will enter a narrow range of fluctuations, and the range is between $7,100-$7,300.
The MACD continues to radiate upwards from the gold fork below the zero axis, the RSI runs downward at 47, and the KDJ indicator forms a dead fork.

The risk point is $7,100. Short-term chips need to stop loss after heavy volume falls, otherwise, keep holding. the continuous decline also indicates that the bears are now relatively strong. So it is recommended to do short.

Key Points:
Short: $7,340-$7,450
Target: $7,300-$7,100
Stop loss: $7,550

Long: $7,100–7,050
Target $7,250–7,300
Stop loss: $6,900

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