Recently, due to a contraction in liquidity, repeated cleaning of high leverage positions has led to a continuous reduction in the shadow lines from the daily chart perspective. In the range of 101k-96k, there is no accumulation of support, which is more favorable for the main force's control, making it significantly more challenging in the short term...
Last night saw a surge in volume with a pin bar, temporarily releasing the bearish momentum. After a pullback to the lower edge of the wedge, BTC formed a clear support-resistance exchange at 102k. A controversial point here is whether it provided a bottom signal in the early morning!
To establish a long position, two prerequisite conditions must be met;
First, it must stabilize above 102k and show structural confirmation
(for example, breaking out, then pulling back to rebound and taking out the previous high)
Secondly, a volume breakout above 103k + price closing above the 4-hour entity
There’s not much to say about the larger cycles; just look at the chart and feel it.
If the moving averages can’t hold, a deep correction is likely, but the probability is extremely low, so let’s keep that expectation here.
For those looking to catch the bottom, it’s better to observe first; there's no need to rush without a clear pattern.
At this stage, it’s still mainly about testing and error in the direction of the trend.
102k continues to be a key level; look for regular opportunities around 99k-96k.