Morning Bitcoin

Last night, we indicated that Bitcoin was looking weak, and the market trend developed as expected, with a minimum drop to around 111800. However, this decline has limited space, and overall it shows a slow downward trend within a small range.

The four-hour level presents a wave-like downward structure, with previous key support levels being consecutively breached, and support weakening. Although there was a rebound after three consecutive declines, the rebound peak has moved down and the trading volume is insufficient, raising doubts about the effectiveness of the upward movement. We need to observe the continuity in the future; do not blindly chase after it. Afterwards, pay attention to the pressure situation above 113000, as a failure to effectively break through the high should be treated with caution.

Reference the range around 113500-113000, and watch the area of 111500-110500. If it doesn’t continue downward, then consider buying again.