Today’s Bitcoin Trend Analysis

Bitcoin, currently priced at 117,700, is once again stuck between key support and resistance levels, facing significant technical conflict, suggesting an uncertain trend. On the one hand, a bullish engulfing candlestick pattern suggests the support level of 112,000 could become a key reversal area. On the other hand, the moving averages are showing a bearish alignment, with the price falling below all moving averages, while trading volume is extremely low, creating a bearish resonance. This conflicting technical signal makes it difficult to determine the market’s short-term direction. There is a high probability of a short-term bearish trend, and the possibility of major players liquidating the market cannot be ruled out. Therefore, it is recommended to open short positions on short-term pullbacks to the resistance level above 119,000. This bearish resonance, combined with the bearish alignment of moving averages and shrinking trading volume, necessitates buying low near the support level.

Short-term Trading Strategy
Long 117,000
Short 119,500