After the short position released yesterday, the price of Bitcoin has indeed dropped as expected, reaching a low of 112768. Today, it found brief support at this level. However, it is still operating below the moving averages, and the bearish trend continues, but one must also guard against a counterattack from the bulls. The long and short war is brutal, especially in the rapidly changing cryptocurrency market. Many have said that one hour in the crypto world can be equivalent to a whole day in futures trading. This is indeed true, but similarly, you can acquire the wealth you desire in a very short time in the crypto world. Back to the point, Bitcoin can only reverse the short-term weakness if it rises above 114000-114500.
From a technical perspective on the hourly MACD, the fast and slow lines are still below the zero axis. Although the histogram has shortened, the momentum remains bearish. The RSI is oscillating at a low level, showing signs of a rebound in the short term, but the space is limited. In the short term, the overall direction remains unchanged, still choosing to move south, but this position is not ideal as it is in a rebound phase.
Bitcoin strategy: Short near 113000, target 114000$BTC
