BTC: Expect The Bear Trend. Not Recommend To Long/buy

At present, the price is maintained at about $ 7,100. The daily lower rail support is at $7,000. The difference between the upper rails during the $7,700 period is $700, which is a huge gap and the bull power is relatively weak. Recently there is only suitable for short-term market trading.

The BTC market has been in a downward trend for a week. Although the decline is not large for the broader market, the continuous overcast has plunged the entire situation into a depression.

From the 4-hour chart, the moving average indicators turned down as a whole, and the Bollinger Bands opening is expanding. During this period, it hit the $7,000 three times to build a bottom. The $7,000 is not broken but the rebound is not very effective, indicating that the support below is strong. If the market can break the pressure brought by the MA5 , pulling up a small wave will make the lower rail go up.

At present, the long and short sides are competing for control of their position in the $7,100 area. If the price can stabilize above $7,100, there is still a chance for the bulls to flip.if not please do shorts.

Key Points:
Short: $7,100-$7,150 target: $7,000-$6,900 stop loss $7,250
Entry: $6,900-$7,000 target: $7,100-$7,200, stop loss $6,800

Welcome to Bexplus! Subscribe us for the latest analysis on the cryptocurrency market.
Join us: