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Currently, the technical outlook for Bitcoin (大饼) is quite interesting. The MACD death cross pattern has been expanding, indicating that the bears have been exerting real effort recently, and the market control clearly leans towards the sellers. At the same time, the Bollinger Bands have also opened wide, pointing downward, which leaves room for further price decline. The entire market is now in a weak consolidation phase, and short-term rebounds should be approached with caution when approaching resistance levels.
Specifically for Bitcoin, it has been repeatedly testing the 97000-96500 range recently. If this level cannot hold, attention should be focused on the support line at 94500-93800. Keep an eye on Ethereum and Binance Coin as well, as they usually follow the trend of the main cryptocurrencies.
But I think the 94500 support level is shaky; it might break directly.
Let's wait and see if Ethereum follows or not.
Breaking 97,000 means it's time to run.
The MACD death cross has appeared again, feeling like it’s never-ending.
Can 94,500 hold? It feels uncertain.
Ethereum following the trend is a sure thing.
A short-term rebound is just an opportunity to sell, don’t catch a falling knife.
The Bollinger Bands are so wide open, there's still plenty of room to go down.
This breakdown rhythm indicates weak consolidation, and it will keep falling without stopping.
Looking at 96,500, it seems it can’t hold for a few days.
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If we can't hold 97k, we're done, heading straight to 94k
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The Bollinger Bands are opening up, there's no bottom below
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It's that time again to sell on rebounds, this cycle is really annoying
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Mainstream coins are leading the plunge, altcoins should be trembling now
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The death cross spreading indicates what, that we still need to fall
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If that 94500 line really breaks, I need to close my position
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Every time I analyze the technicals like this, but it turns out the most profitable move is still the opposite
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With sellers controlling the market, why am I still hoping for a rebound?
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Is there still hope for a weak consolidation? Feels like there's not much hope