Current Market Analysis: 119K Stalemate, 120K Becomes Key Watershed
Price Dynamics: BTC is currently oscillating around 119,000, having attempted multiple times to test the resistance at 119,800–120,000 without success, indicating heavy selling pressure above.
Technical Structure:
4H Level: Wave shape downtrend, high points gradually declining, three consecutive bullish candles rebounding but with insufficient volume, raising doubts about the sustainability of the upward movement.
1H Level: Range oscillation between 118,000–119,500, waiting for guidance from the evening U.S. stock market opening.
Bullish and Bearish Sentiment:
Bulls: Relying on support at 117,500–118,000, expecting a breakthrough at 120K to trigger short liquidations.
Bears: Accumulating sell orders at 119,800–120,000, with institutions recently reducing holdings putting pressure on the market.
Operational Strategy: Short high, buy low, closely monitor key levels
Short Position Opportunities:
Entry: Gradually open short positions at 119,500–119,800, stop loss at 120,400.
Target: 118,200→117,500.
Long Position Opportunities:
Entry: Light long positions after stabilization at 117,500–118,000, stop loss at 116,800.
Target: 119,000–119,500.
