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Analyst: Bitcoin daily line shows adjustment, altcoins remain resilient

Analyst: Bitcoin daily line shows adjustment, altcoins remain resilient

Bitget2024/11/27 02:56

According to analyst Duck Army on platform X, Bitcoin (BTC) displayed a small bearish candle with upper and lower wicks on its daily chart, indicating a normal downward adjustment with slightly higher trading volume than the day before yesterday. The daily MA30 remains on an uptrend, but the MACD indicates a shift from weakening bullish momentum to strengthening bearish momentum. Nevertheless, the candle began to shorten and formed a pattern similar to a doji, suggesting weakening bearish momentum, which makes a significant further downturn unlikely. A rebound is expected after some consolidation, with potential target levels between $96,000 and $98,000.

It's noteworthy that despite Bitcoin's retracement, altcoins showed strong resistance to the drop, with some even rising against the market trend. The focus might shift to those altcoins that have had minimal gains at the bottom, which are expected to experience a catch-up rally. Technical indicators place Bitcoin's daily resistance levels between $94,600 and $126,000, with support levels ranging from $87,400 to $79,830.

From a short-term trading perspective, the market is currently experiencing a rebound at the 8-hour level of the daily MA30, returning to a 10-minute bounce within the 8-hour support zone. It is suggested to go long at $90,600 and enter short positions between $93,200 and $94,320, while closely monitoring stop-loss points. According to the liquidation heat map, there are substantial unresolved short positions in the $94,750 to $101,900 range, and a large number of long positions provide support between $90,800 and $88,600.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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