BTC key support level may become a long short turning point

According to the 4-hour cycle display, BTC price is testing the strong support level of 116551.5, and member data shows that this is the area with the highest chip concentration, indicating strong buying power. Although the current trading volume has shrunk to 44.8% of the average level, the J value has entered the oversold zone, indicating an increased probability of rebound. The technical aspect resonates with the bullish trend of member indicators. Although the EMA24/52 moving average is bearish, the bottom pattern of the K-line confirms the formation of a local bottom. Coupled with the reduction of the MACD bar chart, the downward momentum is significantly depleted. Accurately grasp the support resistance, all in the member exclusive chip analysis function. The data is sourced from the PRO member's [BTC/USDT Binance 4-hour] candlestick chart, for reference only, and does not constitute any investment advice.