On the morning of Friday, August 8.8, the bulls are slowly rising. Is it a one-sided upward trend or just a trap to lure in buyers?

Waking up, Bitcoin has once again surged upwards, breaking through the 117,000 resistance level and stabilizing. There has been no short-term pullback yet, and this slow rise has a bit of a short squeeze flavor to it. Although the current trend is strong, there are many elements of a trap for buyers. I personally remain firmly in favor of shorting at high levels rather than chasing long positions.

The reversal of the market relies entirely on a statement from Old Trump. This kind of surge is not due to technical structure, and the risk of a pullback is quite high at any moment. Although all indicators currently point to bullishness, prices are also approaching the buying zone. I will continue to maintain a high short position during the day.

Refer to the 117,500 area to short, looking at 115,000-114,000.