Bitcoin experienced fluctuations upward yesterday and is currently in a high-level adjustment. From the perspective of the upward movement, bullish momentum has weakened.
The short-term key support is between 117,000 and 117,500. If it can hold, there is hope for a second upward movement on the hourly level to test the upper pressure at 120,000. If the market is strong, it might directly test the previous high of 123,000, forming a double top on the four-hour level.
If support breaks down, the market is likely to decline all the way down, and it may return to around 115,000.
Trading suggestion: Focus on the results of the 117,000-117,500 support. Stabilize and go long at low levels; chase shorts if it breaks down.
