#BTC Today's Thoughts
Today, Bitcoin reached a high of 122400 and a low of 118000.
There were several attempts to break through the upper Bollinger Band, but it faced resistance at 121000 and retreated, indicating strong sell orders and significant selling pressure at this level.
It also appears that large funds are pushing the price up to sell.
A miraculous nine-turn pattern appeared on the four-hour chart.
A pullback signal emerged at the high level.
It broke below the short-term support of 120000.
The MACD is also showing issues; although it previously rose above 120000, a clear top divergence has occurred, and trading volume has decreased.
All these indicate that the temporary upward momentum is weakening, and the short-term trend is downward!
We still need to observe tonight's CPI data, as this data will have a significant impact before interest rate cuts. What we need to do now is to safeguard our own finances; the probability of a one-sided movement is very high. Being well-prepared will allow us to respond to either a direct upward movement or a continuous downward trend.
Operational Advice: For spot trading, Bitcoin has already reached this position; small fund players need not worry too much, as it is easy to get caught at the top; for contracts, focus on 120000, as this level has changed from support to resistance. Before the data is released, one can try trading around 120000; those who are aggressive and afraid of missing out can enter directly, with a stop loss at 117700!