From the four-hour chart, the pressure at the upper line around 110,000 is very obvious. Last month, there was a washout that lasted a month, and at the beginning of this month, it attempted to break through the 110,000 mark again but did not surpass the previous high. The twelve-hour chart shows a structure of five waves, and the tail of the last wave, which is the high point of our recent surge near 110,500, has started a 3,000-point pullback, but this is still not our target position. In terms of the five-wave structure, the fourth wave's upward movement at 98,000 should not be broken; if the market holds, there will be a major reversal, which is also a setup for September. In the short term, it has not yet emerged, and it will not reach the destination in an instant. The initial gap target remains 104,500-103,500 for a rebound, and then the direction for long and short positions will likely be between 106,500-103,500. The tail end of the last wave should not break the new high; otherwise, the structure will be broken, forming a strong market that lures traders to go long and then plunges at any moment. When it was at 110,300, everyone was looking for a new high, and then the market pulled back 3,000 points. When chasing the long position, one must also consider the risk ratio. Currently, Bitcoin is still primarily taking long positions. Those who entered at 109,500 have already gained about 1,000 points. Those who enter again during the rebound can continue to hold and wait for the market to ferment.
A fluctuation of 100 points between 109,500-109,000 looks down for 1,000-3,000 points of space.
