Above the daily line level started to turn down from 108800 on Monday, and after a large bearish candle was formed, there was a rebound after the weekly K-line switch, but it did not break through the previous highs. Yesterday, the entity continued to probe down, breaking through 106000, accelerating slightly without achieving a large-scale volume breakthrough. Overall, the market showed a clear weakening rebound starting yesterday, and today is still likely to continue to probe down and decline. Looking at the four-hour chart, the death cross is converging with an opening downward, and there are no obvious golden cross signs, while the KDJ shows signs of turning upwards. We see that the Fibonacci retracement of about 60% is roughly around 104500 and the 50% position around 103500 to open up, so if the market rebounds, we can observe the downward trend around 106300. The current weekly K-line is showing a bearish column retreat. If this week breaks last week's bearish column price, then the market will continue to probe down next week. I emphasize that for those holding longs or spot at 108800, it might be a good idea to take some profits, as reaching 108800 from 98000 has provided a rebound space of about 10000 points. Overall, Bitcoin's small level pullback does not count as a one-sided trend; it is still a fluctuating trend. Without a one-sided market moving down 5000-10000 points in a day, this drop still lacks large-scale volume.
106300 fluctuates up and down by one hundred points, looking down at 104500-103500
104500-104000 fluctuates by one hundred points, looking up at 105500-106500
