Typhoon day with flying knives? Today's operation for BTC can be summed up in one word: Coward!

Data is heavily bearish, and the main forces are sharpening their knives. In this kind of market, surviving is more important than making money!

Brothers, I took a glance at the market this morning, and combined with the two "economic bombs" that the Americans dropped last night—July retail sales and the import price index both being bearish, I knew today's BTC is in trouble!

The news is a dagger:

As soon as the American data was released, the market's feeling was summed up in two words: "Inflation is still strong, interest rate cuts are still far away!" Expectations of tightening wallets have led to "high-risk toys" like Bitcoin being first to be rejected. The news of whales selling off has only added fuel to the fire, causing panic among people, fearing they would be caught slow.

Market pressure is immense: Let's talk with the chart! There are three heavy weights above: the imminent 117,500, the upper levels of 118,000 and 119,000, like three mountains pressing down, making it hard to breathe. What's more heartbreaking is that even the lifeline of a rebound—the Bollinger middle band (116,736) can't be reached, which clearly shows it's a fighter among weaklings!

Support looks "weak": The support at 116,000 and 115,000 below? The current price is dancing around 117,500, still far from the support! The bearish sentiment is strong, and this level of support is like a paper window; if a typhoon truly comes, it will break with a poke.

Mig's personal opinion:

I remember last August had similar data crashing the market; I was skeptical and thought it had dropped too much for a rebound. In the end, I bought in halfway and watched it drop another 10%! When market sentiment is hijacked by bearish news, and the technicals are weak, any attempt to "catch a rebound" is like taking chestnuts from the fire. Today's market clearly shows the main forces are playing "eagle catching chicks"; retail traders are those little chicks that can easily be snatched away.

The strategy is summed up in one word: Coward!

Don't try to catch the bottom! Flying knives are swift; reaching out will get you chopped. Wait until the market panic is fully released, with a significant bullish candle standing back at key levels before discussing opportunities.

Don't chase high prices! If it rebounds to around 117,500? That's your chance to reduce your position and escape! Don't fantasize about breaking through heavy resistance.

Keep a close eye on the 116,700 "lifeline"; if it breaks significantly, the next stop will rush toward 115,800 or even lower. Sideways? Then just continue watching the show; the time cost is far less than the principal loss!

Blind operations = losses! Follow Mig closely, learn professional thinking and strategies, and say goodbye to trading based on "feelings"! Click on the avatar; change starts with following! #加密市场回调