Since Bitcoin surged to around 73500, it has retraced, with the maximum retracement around 71000. Currently, it looks like the 4-hour chart is forming a small triangle oscillation. This morning, it touched the triangle resistance and began to retrace, with the lower triangle support at around 69000. The recent market still needs to continue washing out positions, and as we get closer to the US presidential election date, there will definitely be a major washout. Additionally, the Federal Reserve is expected to cut interest rates again in November. In the face of favorable news, the market will continue to wash out positions; currently, the market is still very heavy and it is difficult to start a rally from this position. My personal view is to continue oscillating and avoid chasing short or long positions.
Operation suggestion: Bitcoin is approaching the short position near 74500, defend at 75800 with a target around 69500.$BTC
