Brothers, Brother Chen is now chatting with everyone about the latest developments in Bitcoin.

The current price is at $119,200, fluctuating between $118,500 and $120,100.

The long and short positions are quite tight at the moment: $118,800 is a key line, supporting the bulls; if it falls below $118,300, it could drop directly down, possibly to $116,000.

The volume is also interesting, as there wasn't much volume during the rebound, and there are particularly many sell orders above $120,000, with over 8,500 Bitcoins piled up; however, if it can break through $120,500 with increased volume, the short position stop-loss orders might come out, leading to a strong upward trend.

In terms of opportunities, bulls can consider: if the CPI data shows inflation below 3%, and the price can remain stable above $119,500, or if it breaks through $120,100 and then pulls back without breaking, with a trading volume increased by over 30%, then it would be possible to enter a long position with a small amount, and leverage should not exceed 3x, with the first target at $121,200, and then $122,500; for safety, one could buy a put option at $118,000 for hedging.

For bears, if the CPI exceeds 3.4%, or if the price falls below $118,300, and there is a new high in the price on the 1-hour chart but the RSI does not follow (bearish divergence), they can directly open a short position, targeting $117,000 to $116,200; if it rebounds to $119,600 and cannot hold, they can also add to their position.

Finally, Brother Chen's operating suggestion is to go long, entering around $118,500 to $119,000, with the first target at $120,000; if it breaks through, then continue to look at $121,200, and make sure to set a stop-loss, don't be careless. #btc