Midnight Bitcoin Market Analysis and On-Site Suggestions
Reviewing today's market, Bitcoin experienced a significant drop in the evening, fluctuating around the 109,000 line without stabilizing. A bear attack led to a sharp decline of over 1,500 points, touching a low of 107,455 before entering a consolidation phase. In the afternoon, Lao Tian suggested paying attention to the 108,500-110,000 range for positioning, and adjustments should be made promptly if the market exceeds expectations. Lao Tian firmly positioned long trades in this range and decisively exited after a profit of 257 points. In the evening, a timely shift in strategy was made, attempting short positions, resulting in a further gain of 995 points on retracement.
From a technical perspective: The 4-hour chart overall shows a strong bearish dominance. The MACD death cross is accelerating downward, and the RSI has fallen to the oversold area at 35. Resistance has shifted down to the 108,300-108,500 range. The primary short-term support level to watch is the psychological level of 107,000, followed by the weekly support at 106,500. Attention! It is crucial to monitor the impact of the Federal Reserve's speech in the early morning. Beware of the potential technical rebound due to continuous RSI overselling; however, until a trend reversal is confirmed, the main bearish outlook should be maintained.
Midnight Short-Term Trading Suggestions:
If there is a rebound to the 108,000-108,300 range, gradually position short trades. Stop-loss above 108,800. Target 107,000.
If considering long positions, caution is essential!
If the support range of 106,500-107,000 is reached,
light positions can be considered for long trades. Stop-loss below 106,000.
The market has entered a bearish dominant phase in the short term, and operations must remain highly flexible. Counter-trend operations should be approached with extra caution.