$BTC From the 1-hour chart, when Bitcoin rebounds and hits the upper track, it consecutively forms long upper shadows, with the body gradually narrowing, indicating a clear weakening of short-term upward momentum. More critically, after the price of Bitcoin rises and falls, it forms a bearish engulfing pattern, while the peak division confirms a local top. Coupled with the continuous shrinkage of current trading volume and a decline in market activity, if the price of Bitcoin cannot break through the strong resistance zone of 118500-118800 in the short term, then the short-term trend will continue to be bearish.
Operational suggestion: Short Bitcoin around 116600-116900, stop loss at 117600, targeting around 115400-115000, if broken, look for 114600-114200, if not broken, consider going long.
