Big Cake Thinking
Let's talk about today's market thinking for Big Cake. The overall market sentiment is still quite strong.
Short-term resistance is at 113300-113800. If it breaks through, it might push up to 114000-116000, but it seems challenging at the moment. We need to keep a close eye on the support level; 112000 dollars is the most critical defense line right now. If it breaks, the bearish strength will definitely increase. The core support is at 111000-111400, which is the cost bottom line for short-term holders. If it falls below this level, a deep correction to 109500 or even 108000 is possible.
The technical outlook is also not optimistic, with multiple cycles showing a bearish arrangement. The MACD is still forming a death cross at a high position, indicating significant downward pressure. Additionally, nearly 1.5 billion dollars in long positions were liquidated on Monday, and forced selling has further pushed up the market's pessimistic sentiment.
In terms of trading, it is recommended to continue observing the market around 112600-113100, with a target of 111500-110300$BTC