Bitcoin has been consolidating today with very poor liquidity and almost no volatility.
Adjusting yesterday's viewpoint, the prolonged consolidation is not a good sign for bears. Continuous consolidation without a decline will gradually digest the bearish expectations.
The MACD is also gradually correcting but the price has not shown a significant drop; instead, it is consolidating and releasing downside risk.
Overall, the operation is mainly focused on low longs, and short positions are not considered for now. Continuous consolidation might lead to a continuation pattern, with another wave of 4H level upward movement.
Ideal long entry opportunity:
After confirming support in the 106,200-105,500 range during a pullback, enter the market with a stop loss at 104,500.
