$BTC The market rewards three types of people: patient hunters, disciplined soldiers, and explorers who always maintain curiosity. Bitcoin staged a rollercoaster ride in the early morning, first climbing to a peak of 118631, then quickly dipping down to a low of 116492, and now stabilizing around the key psychological level of 117500. The long strategy given by Yuntu in the early morning is currently being held.
From a technical indicator perspective, the MACD fast and slow lines on the four-hour level are narrowing above the zero axis, indicating weakened momentum but not turning bearish. The middle band of the Bollinger Bands at 117200 forms support; the RSI on the hourly chart has retreated from the overbought area to 54, showing a healthy adjustment, and the EMA7 and EMA30 maintain a golden cross pattern. Key support levels to watch are the triple structure at 117000 and the low point of the pin at 116500, while resistance levels look at the early morning rebound high at 118000 and the previous high at 118631. This pin action is essentially a typical liquidity testing behavior by the main force, aimed at cleaning out the long positions above 118000. The rapid increase of 15% in OKX's open interest followed by a quick drop confirms this. Special caution is needed for the potential volatility triggered by the release of the US CPI data tonight. If it effectively breaks below 116300, it will trigger a "Evening Star" bearish pattern, while a breakthrough above 118700 will confirm a "Head and Shoulders" bullish structure. The morning strategy suggests mainly buying on dips.
Bitcoin suggestion: Buy near 116800-117000, target 118800 (if broken, continue to look higher); stop loss at 116400
