Market Recap
Yesterday, Bitcoin continued its downward trajectory, briefly surpassing $12,000 before failing to hold support. After dipping below the previous rally starting point of $11,800, prices slid further to $11,615. Early today, BTC hit a low of $11,571 before rebounding, currently trading near $11,800.
Technical Analysis
Daily Chart Perspective
- Bearish signals dominate with consecutive red candles.
- Price has re-entered the Bollinger Bands and fallen below the 5-day moving average, indicating weakening bullish momentum.
👉 Key resistance levels to watch - Critical Takeaway: Failure to stabilize above $11,800 today risks breaking the $11,500 support level. Investors should avoid premature long positions and prioritize risk management.
4-Hour Chart Breakdown
- Consistent downtrend with Bollinger Bands expanding downward.
- Price oscillates in the lower band, facing resistance at the 10-day MA (~$11,772).
Indicators:
- MACD: Bearish momentum below zero.
- RSI/Stoch: Neutral parallel movement, suggesting sideways-to-bearish bias.
BTC Trading Strategy
Long Positions
- Entry: ~$11,600
- Stop Loss: $11,500
- Take Profit: $11,750–$11,820
Short Positions
- Entry: ~$11,900
- Stop Loss: $12,000
- Take Profit: $11,750–$11,700
Market Sentiment & Key Levels
- A decisive break below $11,500 could trigger extended declines.
- Conversely, holding this support may reignite upward momentum, with $12,000 as the next hurdle.
FAQ Section
Q1: What’s driving Bitcoin’s current downtrend?
A1: Profit-taking after recent highs and weakening bullish momentum are primary factors.
Q2: How reliable is the $11,500 support?
A2: Historically strong; a break below could signal deeper corrections.
Q3: When might BTC rebound?
A3: Watch for consolidation above $11,800 or positive MACD crossovers.
Final Thought
Bitcoin’s volatility underscores the need for disciplined trading. 👉 Stay updated with real-time insights. Avoid emotional decisions and adhere to predefined strategies.
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