Last night, BTC surged, and as mentioned before, there are risks of cautious surges followed by pullbacks. The coin has formed a small double top, resulting in a drop of over two thousand points.

Currently, the four-hour timeframe is still testing the central position, with various secondary indicators diverging downwards, and the one-hour chart shows a head-and-shoulders formation. Although there are signs of short-term rebound adjustments, the strength is clearly weak. Although the position channel for a trend reversal has not fully opened, further declines are expected.

Short positions near 119700-120300, looking at 118000-117000.