Bitcoin plummeted sharply last night but is still in the upward channel. When will a real reversal occur? Wait until there is an effective break below the EMA60 line.

It dropped to a low of 100720, just near the MA200 on the hourly level. I warned in the group beforehand: if it breaks below 103500, take profits on long positions. Sure enough, after the break, the market shifted from a one-sided bullish to a range-bound movement.

The market rhythm has changed now; it's not the time to chase highs and cut losses.

Short-term support levels: 101500/100300

Short-term resistance levels: 103500 105000

Suggestion: Buy on dips, do not chase highs, focus on buying low and selling high.

The market has just gone through a main upward wave and needs time to adjust. Those playing short-term can start to sell high and buy low; don't fantasize about a continuous surge.