BTC stands firm at $8,000 but the bear trend will be continuous
BTC once again tested the support of $8,000 yesterday then rebounded. However, the market wasn't able to complete the effective fall of this important psychological barrier in the second wave of the bottoming process. Recently, the market remains volatile above the support point.
As the price rebound is also weak, BTC’s current stabilization is still not “reliable”. The market does not actually get rid of the control of the bearish sentiment.
From the 4 hours chart, MA50 continues to press down. At present, this key resistance has been pushed down to below $8,600. Due to the slight acceleration in the recent decline in the market, the moving average indicators mentioned above quickly dropped to around $8,500.
According to the current trend of the moving average, if the BTC can't have a performance of strong rebound in the short term, then the resistance is expected to be pushed down to $8,350 this week.
In this case, the pressure of shorting the BTC will continue to strengthen. Once the BTC drops below the $8,000, the further down target remains in the $7,500-$7,300.
Therefore, in terms of short-term trading, please pay attention to the short opportunity after the 8,000 resistance breaks.
As the price rebound is also weak, BTC’s current stabilization is still not “reliable”. The market does not actually get rid of the control of the bearish sentiment.
From the 4 hours chart, MA50 continues to press down. At present, this key resistance has been pushed down to below $8,600. Due to the slight acceleration in the recent decline in the market, the moving average indicators mentioned above quickly dropped to around $8,500.
According to the current trend of the moving average, if the BTC can't have a performance of strong rebound in the short term, then the resistance is expected to be pushed down to $8,350 this week.
In this case, the pressure of shorting the BTC will continue to strengthen. Once the BTC drops below the $8,000, the further down target remains in the $7,500-$7,300.
Therefore, in terms of short-term trading, please pay attention to the short opportunity after the 8,000 resistance breaks.
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