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Recently, Bitcoin ( BTC ) market has shown a complex trend. Currently, the resistance levels faced by BTC are 119255, 119816, and 120545, while the support levels below are 118580, 117407, and 116782.
Yesterday, a long wick appeared on the BTC daily chart, indicating significant uncertainty in the market. Today's movement is expected to approach the zero axis on the 2-hour chart, while a bottom pattern may emerge on the 15-minute chart. If the price does not break below the 2-hour zero axis support level of 118130, we may see a small rebound.
Despite a potential rebound in the short term, the overall market sentiment still seems to lean bearish. It is worth noting that both the 7-hour and 8-hour charts are at critical time levels, and a rebound towards the zero axis may occur.
However, investors need to be vigilant about the potential occurrence of a top divergence pattern on the daily chart, which may indicate potential downside risks. In the current market environment, it is recommended that traders closely monitor technical indicators across various time frames and adjust their strategies promptly according to market changes.