BTC Short-term Technical Repair Bounce, Key Positions for Long and Short Battle!
The current market shows signs of a repair bounce after a short-term whale sell-off, with the technical aspect indicating a fierce struggle between bulls and bears at critical price levels. From the bulls' perspective, the 117000-117300 area forms an important support zone; if maintained, it could rise to the 118000 resistance level, and a breakthrough could challenge the integer levels of 119000 or even 120000. On the other hand, bears see 120000-120300 as the first line of defense; if this area is lost, it may drop to the 119000 support, and if breached, one must be cautious of the risk of a new low at 118000, with extreme cases potentially retesting the key psychological price of 117000.
Personally, I believe the current market is in a consolidation bottoming phase, and I recommend adopting a range trading strategy: gradually building long positions in the 117000-117300 area with a strict stop-loss at 116500; at the same time, pay attention to the pressure effects above 120000, and if three consecutive attempts to break through fail, consider reversing to short. It is crucial to focus on the impact of the US CPI data tonight on market sentiment, keeping position sizes within 30% to cope with sudden volatility.
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