Thursday 🧭

Woke up to witness a new high for Bitcoin. After touching 110,000 in the early morning, it retraced to 106,000, then broke through the historical high to reach 110,700. The market is overly exaggerated, and the behavior of the manipulators is quite unappealing. The rhythm of back-and-forth washing of positions continues.

Currently, after breaking the high, it is under pressure for a retest. If it cannot stabilize above 110,000 in the short term, the bearish outlook will continue, and no chasing of the upward movement. From a technical perspective, the overall trend is showing a fluctuating upward trajectory. In the 4-hour cycle, the MACD histogram is positive and increasing, with the RSI close to 70, in the overbought range but not extremely overbought, so the focus should be on short positions in the morning.

Bitcoin: Short near 110,500—110,800, target 108,500

Altcoin: Short near 2,600—2,620, target 250,070,796,829,940