Bitcoin trend analysis

The current price of Bitcoin is 110779, and BTC is currently approaching the strong support level of 106665. The technical side shows a certain bullish potential, but at the same time there is great uncertainty. The recent bullish engulfing pattern provides a preliminary signal for a reversal, and the support level of 106665 is relatively strong. If this support can be maintained and the strong resistance level of 114000 above is broken, the market may open up further room for growth. However, the moving average system shows a death cross, and both the short-term and long-term moving averages are tilted downward, indicating that the market momentum is insufficient. The K-line 2-hour formed a doji pattern at 110000. The daily sentiment is bullish but the strength is weakened. The MACD 2-hour short-term trend has turned to sideways consolidation, and the EMA 2-hour short-term moving average has strong support. I think short-term long is effective, and the short-term strategy is still shorting at high levels.

Short-term strategy reference:

Long at 109,000
Short at 112,000