Analytics

BTC: Downward Trend Continues And Waiting For A Chance To Rebound

Downward Trend Continues

Funds: The exchange’s net inflow of funds for the past 24 hours was ¥6.26 billion.
Technical side: MOM MACD RSI PPO MA indicator all show bearish.  Resistance level $8,369.76 and support level $8,354.45. so we expect the bearish trend in the short run.
BTC continuously tests to the lower position like reaching the lowest $8,367 then rebounded yesterday. It is similar to the multiple breakthroughs that failed to reach the key resistance of $8,800 above. Since the price has fallen to the $8,800-$8,600 two points, the overall downward structure has never been broken, so the suppression of the current price is obvious.
The short-term market is expected to gradually warm-up later. Although the market in recent days has been suppressed by the bears, from the power of the bulls rebounding, the competition of the long side is not entirely lost.
Although the current trend is towards the short position, as long as the $8,300 support is maintained, the downside trend will stop. Focus on this support today.

Key points:
Entry: $8,300-$8,400
profit: $8,600-$8,700
stop-loss: $8,200
short: $8,600-$8,700
take profit $8,400-8,450
stop loss $8,800

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