BTC Price Analysis
Yesterday, I was preparing to short after Bitcoin reached around 120,000, but unexpectedly, a wave of selling from ancient whales directly caused a drop. Currently, we can try to start placing short orders around 119,500 as the first position, and then add to the position around 120,300.
Support Levels:
First Support: 117,500 - A short-term multiple pin bar bottoming position; short positions can take half profit at this level.
Second Support: 115,800 - A frequently mentioned lower support point, which has been touched and rebounded multiple times.
First Resistance: 120,000 (previous high congestion area) - A volume breakout is needed to regain the main uptrend; this is considered a new high. Daily level has failed to break through four times.
Second Resistance: Around 120,800 (initial pin high point) - A volume breakout is needed to regain the main uptrend; this is also considered a new high.
Trading Advice for BTC:
I recommend maintaining a "bearish consolidation" trading rhythm:
The overall trend is turning bearish in the short term, so place short orders to enter the market, waiting for a pin bar to enter. Currently, we can try to start placing short orders around 119,500 as the first position, and then add to the position around 120,300. Set the stop loss below the new high at 121,300.
