Bitcoin
First, it dropped from 116900 all the way down to 115400, forcibly washing out a batch of floating capital, and then it rebounded back to around 116700, giving the illusion of a reversal. As a result, the market didn't stabilize and directly fell to 114300, then quickly rebounded to around 115200.
What does this indicate?
Intense bull-bear competition —— There is a heavy trapped position above, and as soon as the rebound rises slightly, someone sells off.
There is still support below —— The rebound from 114300 indicates that large funds are defending and unwilling to let the market collapse directly.
The rhythm has entered a fluctuation range —— The current price is repeatedly tugging around 11500, and the short-term trend is unclear.
Support below: 11400-11450; if it breaks below, it is likely to test the 11250-11300 range.
Resistance above: 11650-11700; if it cannot stabilize here, this will be the peak of the rebound.
Conservative approach: First, observe horizontal consolidation. If 11450 does not break, consider a light long position with a target of 11650-11700 and a stop loss below 11400.
Aggressive approach: The range of 11500-11520 can be used for high selling and low buying, rolling operations within the range, with strict stop losses set.
Bearish mindset: If the market rises again to around 11650 but lacks strength, a light short position can be taken to capture a pullback, targeting 11450.
BTC is currently in a consolidation phase with "support below and pressure above." The short-term trend is mainly sideways, but if it breaks below 11400, there could be a rapid downturn. In terms of operations, position control is a must; do not fantasize about making a big profit in one go, as a fluctuating market is just about repeatedly cutting the leeks.
