Bitcoin experienced a very strong decline yesterday morning, and in the evening, it formed a double bottom in one hour and broke above the line. The bearish momentum did not continue well, and the overall market structure still leans towards volatility.
In the short term, there is an expectation for continued upward movement, with resistance around 119,000 and key support around 116,000. If the support breaks down, the entire structure will weaken, and the bears will gain an absolute advantage.
Operational advice: Pay attention to the support results around 116,000-116,500; if it stabilizes, go long.
