Lower shadow on daily chart is swallowed because of the selling on dips at 7 am. BTC is expected to rally because of the strong support, it turns out that bears seize the very moment and initiate a precise strike at a key time point, making it extremely difficult for bulls to fight back.
Though price witnesses a minor rally on daily chart, volumes, however, remain low, indicating that bullish momentum will stay weak though price is near the strong support.
Also, weak rally means downtrend will dominate price action and price will move downwards along with MA5.
As marked on daily chart, every time BTC bounces without an expansion in volumes, it will keep dipping after that, making it wise to be cautious when price bounces under MA 5.
For long-term traders, positions can be set up from now.
Original by Kuang Ren, translated by AICoin Jami.
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