Simple Analysis of Intraday Market:
Yesterday, Bitcoin formed a solid bullish candlestick, and it was a bullish line with almost no retracement. To create such a candlestick, there must be genuine buying, in other words, you can understand it as: whatever the market sells, it is immediately digested!
With Bitcoin's first attempt to break through 110500 being ineffective, it is currently in a retracement phase. I have already exited all my long positions near 110 for profit.
From an overall market trend perspective, yesterday's volume surge was actually supported by some expectations regarding the China-U.S. negotiations. Bitcoin surged from 100,000 to 110,000, effectively consuming all the previous downward momentum. Therefore, at this point, it has returned to the range of 1065-1105 and is in a fluctuating pattern; whether you are bullish or bearish, I suggest you remain on the sidelines for now. The best strategy at this moment is to "wait."
There is a saying: the rise/fall due to news will revert to its original state once the news is realized. For the upcoming Bitcoin, I am more inclined to see: first a small retracement, then another drop to the 106-1068 support/resistance exchange zone. This zone is a periodic boundary between bulls and bears. In other words, for the main players, this position will infinitely approach balance; the main players' choice to break upward or downward is highly cost-effective!
However, from a daily chart perspective, the resistance level of the upward channel is around 122, while the support level at the bottom of the channel is around 88000. Therefore, whether this round of market will first go to 122 and then drop or first retrace to 8.8 before pulling up, you only need to keep an eye on the support level at 100,000.
For those looking to short, it is recommended to wait until around 112 to try a position, with an acceptable risk-reward ratio; for those looking to long, you also need to wait for a retracement that does not break 1065 before considering re-entering. Please be cautious in your operations!