Wednesday evening, Bitcoin analysis!

Yesterday, with favorable CPI, the short-term presented a good state of the economy, but the market's gains were clearly limited. The good stability of the economy can no longer drive further increases in risk assets. On the contrary, better economic data could significantly delay the expectations for interest rate cuts, which is unfavorable for the risk market. Therefore, the current good economic data is slowly not turning into good data for the risk market. If we want to stimulate interest rate cuts, the upcoming employment data is hoped to be 'bad data';

From a technical structure perspective, the daily price is still in a strong range above the upper track and MA7. Although the trend remains strong, with MA7 continuously moving up, the price has not further broken through. BTC price is about to fall below the strong range, and the bottom of the daily range still shows slight divergence. Currently, although the hourly level shows a strong trend, there is still a need for correction in the daily range, coupled with the RSI daily index remaining in overbought territory, indicating a strong need for correction at the daily level. Therefore, the operation should still maintain a focus on short positions!

For Bitcoin's short-term operations this evening, we can short at the minor resistance levels of 104700 and 105300, targeting the short-term support at 103200, and the key position at the four-hour bottom of 101900.

Finally, emphasize, be cautious and light on your positions!