Bitcoin led a rebound from around 105500 during the day on the 16th, but the price did not achieve high-level fluctuations and was sold off all the way down, reaching a low of 103,370 USD at 1 AM today, achieving the phase target expectation of the medal's short position at 104000 USD. The current price continues to find support above 103,000. In fact, this support has been used multiple times, mainly because the area around 103,000 is the consolidation level after the rise in mid-May, and this area has been fluctuating for a week, forming a solid position. Moreover, the main force does not want this price to break down too early, causing panic and affecting the selling price.
From the current situation, the medal believes that after the rise, it encountered selling pressure, mainly due to insufficient confidence in the market and a lack of continuous large amounts of incoming capital. This means that the volume of selling exceeds the volume of buying, indicating that major holders are choosing to exit and observe. The price is expected to continue rebounding, and it is judged that the selling strategy will continue to lower the price in the future.
Therefore, for intraday operations, the medal still recommends adopting short positions after rebounds. It is advised to enter short positions in the range of 106500 to 107500, with a stop loss set at the highest point of 109000 USD from the morning of the 17th. Short-term profits are targeted at 104000 and 103000.