From the 4-hour level, Bitcoin has undergone a sideways fluctuation near the Fibonacci channel 0.786 position, with the bottom range roughly fluctuating around the 0.786 position.

Recently, the amplitude of this sideways fluctuation is similar to the previous upward consolidation period, approximately around 3% to 4%.

If you are trading regularly, you might consider entering a long position near 0.786, that is, when the price is close to $101,800 - $103,700. The take-profit range can be set around the top at $106,000, which aligns with the recent intraday trading volatility.

Conversely, when the price approaches $106,000, you might consider going short.

Looking at the US stock market, it is currently in a high-level fluctuation state, and its movement has some impact on Bitcoin as well.

Personally, I believe the effectiveness of Bitcoin's bottom support is higher than that of shorting from above. From multiple 4-hour candlesticks, Bitcoin has not been able to break below the 0.786 position during downward movements, thus the validity of this level is high and suitable for a long strategy.

For short strategies, there are three key points to consider: the first is the upper boundary of the previous upward consolidation, around $106,100; the second is the position where the upper M-top makes a new high, about $112,000; the third is the secondary M-top position, about $110,000 - $111,000. These three positions are all potential short points, and the higher you go, the better the risk-reward ratio. Taking the first point as an example, although the bulls have countered on the 4-hour level, the volume below is relatively weak, and whether it is suitable to go short needs further observation of its validity. #币安Alpha上新

Click to join >> 币安王牌KOL专属群（王不爱）