What to do with Bitcoin now? Cat Brother helps you sort out your thoughts

After a short-term crash hitting the small support around 116500 coinciding with the daily and 4-hour charts, there has been a short-term rebound. Overall, the MA20 has not broken support, validating its effectiveness. However, there is also significant pressure above, as the smaller moving averages are in a strong resistance state. After a rebound at 117000 to 119000, a large bearish candlestick came crashing down, indicating strong selling pressure. At the same time, the biggest problem is the lack of inflow.

Looking at the weekend, we can treat around 116500 as support for now; at least this area should gradually test for long positions. If it breaks below 116500, then consider chasing shorts down to around 114500-115000 before trying longs again.

The resistance above is around 118900; you can try shorting there.