Thursday Morning Thoughts

Bitcoin, with no breakthrough actions from either bulls or bears, is currently trading within a range, with strong resistance at 113000 and support at 110000. As the price has repeatedly surged, there is a hint of a downward movement in the short term.

The 4-hour Bollinger Bands are narrowing downwards, and the short-term trading space is also contracting. Currently, Bitcoin failed to continue after breaking the middle band, resulting in a bearish pullback. The battle between bulls and bears is intense; overall, the structure remains in a weak rhythm, and the focus is still on shorting during rebounds.

Refer to shorting around 1120, watch the 1110-1102 region; if it drops without continuation, one could consider going long. $BTC