The daily chart shows a recent rebound from 117300 to 118000, forming a small upward candle, but overall it is still in the oscillation recovery stage after a significant decline.

The hourly chart encountered resistance near 118484 and has pulled back, currently showing a narrow oscillation trend at a high level, with no obvious breakout direction in the short term. The short-term fluctuation space is limited. The daily EMA arrangement is bearish, and the long-term trend remains weak.

BTC short in the 118100-118700 range, targeting 117100-115000.