The pancake returns to the cost level to reduce positions

Bitcoin's overall pace yesterday was relatively slow, with very limited volatility during the day, fluctuating around 114,000. It was only during the opening of the US stock market in the evening that a decent rebound was seen, peaking at 115,674 before facing resistance. The current market is operating at 114,500, with a fairly bland rhythm and volatility remaining within a controllable range. From the overall structural perspective, the recent price shows characteristics of a four-hour level peak. Despite the emergence of a large bullish candle, the bullish strength is clearly constrained by the pressure above, and the upward momentum lacks continuity, leading to an adjustment phase. Observing the Bollinger Bands indicator, the price did not break the upper band during the upward movement, and it remains in a fluctuating state of range-bound trading. In the short term, although the moving average system shows a three-line opening upward trend, combined with the overall structural analysis, there is a clear demand for a pullback. Considering various factors, today's trading strategy is primarily bearish, and one can set up short positions against the resistance level above.

Short position 115,500–116,500–Stop loss 300 points
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