🔴｜BTC Today's Market Analysis, Defensive Levels on the Left Side?
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After the non-farm payroll data was released last night, there was a small 15-minute spike, followed by a sell-off once the negative news was fully priced in, and the U.S. stock market opened with a rise, with Bitcoin once again challenging the resistance level of 110,400.
From the current heat map analysis, it is clear that a chip accumulation zone has formed between 108,400 and 110,600, which means a new consolidation area is being established here.
The best strategy for this market is, of course, to sell high and buy low; the closer you get to 110,600, the more you should short, and the closer you get to 108,400, the more you should go long. As we approach this ceiling level, I am more inclined to position for shorts near 110,600.
This is because there is a lot of potential space for downward moves when shorting, and there is good support above.
Of course, you can also take a right-side approach by chasing longs after breaking above 110,600, but be cautious of false breakouts; if there is a quick pullback and a close below, cut your losses immediately.