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Bitcoin Price Analysis: Bearish Price Trend Continuing

Market Analysis - BTC

💡The price showed a V-shaped reversal trend yesterday. Although prices did not fluctuate out of the range, it increased the intraday amplitude.

👇🏻The current price trend is relatively clear: Bearish prices: 18,000-18,600

The current range: 18,600-19,800

Bullish prices: 19,800-20,500

From a technical analysis perspective, traders should monitor closely if the price falls below the 18,000/20,500 range at the close of the day.

Before it breaks this range, traders can try to buy low and sell high.

🔍Support level 18,800/18,600 🔍Resistance level 19,800/20,500

The price is about to trigger the overbought level. If the price can break through 20,500 today and consolidate at the range is a sign that traders can open a long position.

A strong trend of short selling at high levels.

🚨Trading signal update: Continue to hold short position

If the daily closing price is above 20,500, stop the shorts and enter a long position

This post is based on this twitter thread.


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