After Bitcoin failed to continue after 113.4k, it turned bearish in the early hours of the 29th and is currently testing 109k. If it breaks below, it will continue to probe lower.

If the high point on the 29th is confirmed and turns bearish, it is not advisable to easily go long in the short term. Bitcoin is in a downward trend on the daily chart, overall trend is down. Here we will focus on the downward performance in the time period from the 29th to the 31st:

- Today, watch the support at 109-108k

- If it breaks, it may continue to test 106-105k

- If it can hold above 105k, a 4-hour rebound may occur. If it breaks, it will continue to probe lower.

In terms of operations:

- Observe the downward reaction within three days, if it reaches 106-105k, try to go long, with a stop loss at 104k

- The daily trend is downward, if subsequent rebounds only serve as a downward correction, it means that after the rebound, it will continue to fall. In the worst-case scenario, the lowest point may not appear until early to mid-next month, so the overall strategy is to focus on short positions with a few long positions.