- During the sharp drop in the early morning, short-term support appeared near the 110000 level, and the lower shadow line pattern reflects some buying interest at this position, but it failed to reverse the overall weakness. Subsequently, the market fell back to the previous consolidation range, and the support strength does not currently show sustainability.
- After the positive news from last week was digested, the market lacks new upward drivers, and combined with the selling pressure in the early morning, the previous upward trend has been broken; it is currently more inclined towards a downward oscillation rhythm.
- If the major asset rebounds and breaks through the 114000 level, one should be cautious of the risk of a short-term trend reversal, and it is advisable to adjust short positions in a timely manner to avoid holding positions against the trend.
- If the 110000 level is broken for the first time, it may be accompanied by a short-term oversold rebound; it is not recommended to short at this point. It is better to wait for a rebound to confirm pressure before considering entry.
- News aspect: Pay attention to whether there are new policies, industry dynamics, or other information that may affect market sentiment, to avoid misjudgments caused by relying solely on technical analysis.
- Volume changes: When breaking below the 110000 level, it is necessary to observe whether the trading volume is simultaneously increasing. A volume breakout better confirms the validity of the trend, while a decrease in volume during the breakout requires caution against false breakouts.
Short Bitcoin in the 113000-113500 range, targeting near 110000.
