Bitcoin tested the 119,000 level in the morning and then entered a period of consolidation. During the European and American trading sessions, bears began to gain strength, pushing the price down from the high of 119,184 to a low of 116,735 before stopping. The 4-hour K-line is running within the lower band of the Bollinger Bands, with the channel noticeably narrowing, indicating that market volatility is decreasing. After a slight rebound, the price dropped sharply down to a low but showed some rebound, indicating there is certain support at this level. However, in the short term, it needs to go through a transition from a rebound at a low to a trend reversal. Yesterday, the price stabilized above 116,000, initially confirming the support of the secondary low. There are signs of weakening downward momentum in the short term, but the overall bearish pattern has not yet reversed, and the strength of the rebound is still limited. On Saturday, the main operational direction continues to be high shorts, with a focus on the suppression effect near the middle band. If signs of weak rebound appear, one can choose the opportunity to set up short positions!
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Bitcoin tested the 119,000 level in the morning and then entered a period of consolidation. During the European and American trading sessions, bears began to gain strength, pushing the price down from the high of 119,184 to a low of 116,735 before stopping. The 4-hour K-line is running within the lower band of the Bollinger Bands, with the channel noticeably narrowing, indicating that market volatility is decreasing. After a slight rebound, the price dropped sharply down to a low but showed some rebound, indicating there is certain support at this level. However, in the short term, it needs to go through a transition from a rebound at a low to a trend reversal. Yesterday, the price stabilized above 116,000, initially confirming the support of the secondary low. There are signs of weakening downward momentum in the short term, but the overall bearish pattern has not yet reversed, and the strength of the rebound is still limited. On Saturday, the main operational direction continues to be high shorts, with a focus on the suppression effect near the middle band. If signs of weak rebound appear, one can choose the opportunity to set up short positions!