The current trend of Bitcoin really feels familiar. Last time, after Bitcoin rose to 110,000, it retraced to around the support level of 106,700, experienced a small rebound, and then continued to fall, reaching the strong support near 104,000, which initiated a larger rebound, as shown in the figure:

History may not repeat itself completely, but it is indeed meaningful for reference. Bitcoin does have certain support around 106,500-107,000, which are the previous lows. Those looking to make a small rebound can pay attention to this range. Of course, stronger support is definitely around 104,000, where the chances of a rebound are greater, and the magnitude of the rebound should also be larger.

When opening a position, it is essential to operate at key support and resistance levels. Relying on support increases the success rate, and the distance to stop loss is also shorter; if it breaks down slightly, you can stop loss. Do not open a position based on feelings; gradually build your position.