112000 is the coffin board! If we don't defend it tonight, it will bleed directly 30%! Leeks, take a quick look!

"In the crypto circle, watching the market is like watching an eagle; once the trend line breaks, both bulls and bears need to wake up! Currently, Bitcoin is stuck in the 'eye of the typhoon', quietly waiting for the Federal Reserve's 'starting gun'."

Bitcoin failed to hold the upward trend line it previously broke through and has fallen below a key support level.

Although they believe there won't be a crash in the short term, the market has backed off ahead of the Federal Reserve's interest rate decision in September, possibly testing the important level of $112,000.

The current price is fluctuating between $112,000 and $117,292, like a 'no man's land'. Unable to go up or down, traders are confused.

Here’s the strategy: if it breaks $117,292, then follow the rise; if it approaches $112,000, then buy the dip. In short, it’s all about waiting for direction!

Mig’s Perspective

$112,000 is the critical line! This position pointed out by Matrixport is very important. Looking back at the sharp drop in July, it was this area that supported the rebound. If it truly breaks here, market sentiment will collapse, possibly triggering a chain reaction.

The metaphor of 'no man's land' is too vivid! Trading at this position is indeed uncomfortable. Chase upwards? Afraid of false breakouts and getting trapped; buy downwards? Afraid of catching falling knives. My experience is that during such times, either try a small position or simply sit back and watch the show. How many people lost their principal due to frequent operations during last October's narrow fluctuations before the FOMC? It’s better to wait for clear direction before striking hard.

September FOMC is the 'super judgment day'. Will there be a rate hike, how much, and will there be more hikes afterward? This directly determines the tightness of the market's purse strings. Don’t be fooled by the current market appearing 'cautious'; when it gets to a week before the meeting, volatility will soar, and the options market will kick off.

"Mig's Market Notes: $112,000 is the bottom line; if it breaks, be alert; $117,292 is the starting point; standing firm can charge forward! It feels like the calm before the storm now; will you choose to ambush early or wait for the gunfire to charge? #加密市场回调

Blind operations = losses! Follow Mig closely, learn professional thinking and strategies, and say goodbye to trading 'by feeling'! Click on the profile picture to start the change from following! $BTC