Last night I shared an analysis of BTC's price movement, predicting there is room for a downward trend, but today it seems the price hasn't fully reached its target. Although there have been two instances of significant bearish volume at the 4-hour level (with noticeably increased trading volume), the bullish defense remains quite strong, causing the price to oscillate repeatedly around the Fibonacci 0.236 level.
Looking at the current situation, the market is quiet over the weekend, volume is shrinking, and it's normal for the price to experience short-term sideways fluctuations. However, the 0.236 level is considered a weak gravitational level, with limited support strength, so the stay won't be too long. Once the bulls can't hold, the probability of dipping to 0.382 or even lower is still high.
Personally, I still lean towards a bearish outlook in the short term, and I will pay attention to changes in volume and whether there will be an effective breakdown next week. If you are a spot trader, I suggest patiently waiting for low position opportunities; contract traders should pay attention to controlling their positions to avoid being shaken out 😂
What does everyone think? After a weekend of sideways movement, will we continue to test the bottom next week or will there be a rebound? Let's chat about your thoughts in the comments～
