Since yesterday morning, Bitcoin ($BTC ) has been continuously rising, but there has not been a significant breakthrough. Last night, it briefly broke above the upper Bollinger Band, but quickly fell back under pressure, showing overall characteristics of range-bound fluctuations. By early morning, as the market rebounded near 109100, it encountered pressure again and subsequently entered a correction mode, currently fluctuating around 109000.
From a daily perspective, the highs are showing a gradually declining trend, and the price is still under pressure from the downward channel. The short-term rebound failed to effectively break through key resistance levels, and the bears still control the situation. The current price is in a critical area of bulls and bears contesting, with the long upper shadow appearing on the candlestick indicating heavy selling pressure above, clearly obstructing the bulls' advance. At the same time, the arrangement of moving averages also shows that the bears have the upper hand. Although the price has shown some resilience in the short term, the resistance at the high point of 109700 has not been substantially broken.
On the four-hour level, the upward space is limited, and there are signs of the Bollinger Bands (bol) contracting, maintaining an overall range-bound operation.
Based on the current market situation, today's operations can still adhere to a high short strategy.
The specific suggestion is: when the Bitcoin price is around 109200, set up a short position, targeting first at 108000, and further at 107000.
