The current price of Bitcoin has reached around 110,700, just a little bit away from the bulls' lifeline at 110,000. Whether the bulls can hold this last lifeline depends on the performance in the coming days this week.
From the MACD perspective, the energy bars continue to decline, and both the fast and slow lines are turning downwards. The fast line has already fallen below the zero axis, indicating a bearish trend.
Looking at the initial indicators, it has currently reached around -60, remaining below the zero axis for several days. The CCI also shows a bearish trend.
From the OBV perspective, the fast line has dropped below the slow line, and yesterday's rebound did not surpass the slow line, indicating a downward trend. If it cannot pull back up and surpass the slow line in the next couple of days, it will be dangerous.
In terms of KDJ, the K line is about to touch the 20 line, with a clear downward trend, also indicating a bearish trend.
Looking at the MFI and RSI, both indicators are moving downwards, indicating a bearish outlook.
From the moving averages perspective, the price has fallen below several moving averages, and there is no support from the moving averages. The next support we are looking at is around 110,000, and we will observe whether 110,000 can hold.
According to the Bollinger Bands, it is currently in a wide range. If the price falls below the middle band, it should head towards the lower band, which is around 110,000. If the lower band can hold, the wide range will turn into a narrow range, and then a direction will be chosen. If it cannot hold, the wide range will turn into a downward trend, leading to a direct decline.
In summary: The market is just a few hundred points away from the bulls' psychological stop-loss level. Whether it can hold depends on whether the bulls have a consensus. If the price drops to around 110,000, we will first look at the Bollinger Bands' trend to see if it is narrowing or entering a downward channel, and we will assess based on the formed patterns. Today's support is seen at 110,000-108,000, and resistance is at 112,000-113,200.
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