In the early morning, the market plummeted over 4000 points, and short-term panic is spreading. Recently, the cryptocurrency market has experienced rapid rises and sharp falls, which is unfavorable for retail investors. Although the price has recovered and rebounded, the trend is biased towards bearish after the large downward spike.

In the 1-hour cycle, there was a second bottom probe this morning. Subsequently, consider shorting at highs: it is recommended to place short positions in the 114000-114500 resistance area, and pay attention to the support at 112000. If it breaks effectively, the next target is 110000.