Friday Bitcoin Afternoon Thoughts

After a significant drop yesterday, the market rebounded early today and is currently consolidating in the 119000 area. Looking at the 4-hour chart, after four consecutive downward candles, there has been a short-term upward movement. The rebound energy in the short term is limited, and it is currently situated between the middle and lower bands. Overall, the structure still indicates a bullish trend. It is worth noting that the auxiliary MACD and KDJ indicators are showing reversal signals, suggesting that there will be a certain pullback in the short term, so in the afternoon, we will first look for a pullback before going long.

Consider shorting around 1192 and 1195, and watch the 1180-1170 area. If it drops without continuation, look to go long again. $BTC