12】$BTC Market Trend Observation

On the hourly chart, both the 120 and 200 long-term moving averages have been broken. Now they have turned into resistance levels, making it difficult for the price to break above again.

This current level coincides with the key support zone on November 7-8, which can be considered a short-term bottom. However, if the price closes below this level tonight, it will form an N-shaped downward structure, with the next target likely around 101.4K.

The RSI indicator is still around 40, still away from the oversold zone. If you want to buy the dip, you should wait until RSI drops to the 20-30 range before considering.

Once the 102.4K level is broken, any rebounds should be approached with caution. This kind of technical correction tests market intuition and stop-loss discipline; a small mistake can lead to being trapped.

Trading ideas:
Bullish: Wait and see
Bearish reference: Consider short positions around 105,100 with a target of 102,500

BTC-0.41%

ETH-2.44%

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