Bitcoin experienced a surge and then a pullback yesterday, but the downward pressure was not very strong, and there was no straight drop, which can be seen as a normal adjustment.
The current price is stabilizing in a densely concentrated area, and at this position, bulls and bears will start to compete, leading to two expected trends.
1. Stabilize and rebound, which will at least form a double top sell signal at the 1-hour level.
2. Break below support, with bears being absolutely strong, possibly testing the previous low again.
Currently, I am more inclined towards the first trend, looking for a rebound followed by a sell.
Trading suggestion: You can enter a long position near the current price of 117900, add to the position if it breaks above 108300 and stabilizes, with a stop loss at 117000.
