Wednesday afternoon, after Bitcoin touched a high of 85500 last night,
it did not effectively stabilize and reversed for correction.
Currently, the lowest point touched is around 83500, providing support for a rebound.
It has entered a period of short-term fluctuations.
In the context of a larger cycle, not much has changed; it is a rebound correction.
At present, it is a common market behavior in the channel area.
Previously, there would be a pullback after a rise of 3000, and now it is no exception.
After five consecutive bullish candles in the 4-hour short-term, it has been followed by consecutive bearish candles,
not extending upwards, still showing a weak cycle.
In the early session, the high point of 85500 is regarded as a defensive line for a bearish outlook,
the first support to look at is the mid-line area of 83000; if it breaks down, then the starting point of last night's rise at 82500 will be watched, taking it step by step!
Therefore, for short-term operations, it is recommended to short Bitcoin in the rebound range of 84700-85200, targeting the area of 83300-82500, and if it breaks, continue to watch for extension!
In facing the market, one must follow the trend, assess the situation, and never act blindly! Wish everyone smooth sailing, always present, with great market intuition, and those who understand will understand!
