Last night, it was expected that $BTC could continue to pull back and liquidate a wave of 115k long liquidity, and the orders were all ready, but then there was a situation of 'not liquidating when it should be...'

Although just one test doesn't indicate much, if the price still cannot enter the lower long liquidation area to liquidate in the next couple of days, it means that spot demand has finally started to consider entering the market.

Generally, only when spot buyers are willing to buy will the market's price action show this phenomenon of being able to liquidate but not doing so.

I took a glance at the spot premium index, and indeed, there has been a slight rebound, which indicates that shorts are willing to open positions, and spot longs are also willing to bottom fish.

Therefore, although the current thinking hasn't changed, still waiting for the lower long liquidity to be liquidated before going long, we also need to consider the possibility of a rebound without liquidation.

In terms of a trading plan, that means observing the price test at 116k. If the price shows a small-level pullback again but cannot break below 116k, then it can be considered to go long on the left side. Similarly, if the price rebounds and breaks above 120k, making a higher high, then going long on the right side is also possible.

If lucky, the price smoothly breaks below 116k, then wait for the lower liquidity to be completely liquidated before going long.

As for shorting, currently, there is only one right-side plan, which requires the price to confirm breaking below 115k (showing a 4-hour bearish candle with both opening and closing prices below 115k). This situation would indicate that the long trend has directly turned into a sideways bearish market, and shorting to 112k should not be a big issue.