Bitcoin experienced a sell-off at the 1-hour level during the day yesterday, followed by a rapid decline in the evening, with significant downward momentum. It broke below previous lows and formed a bearish arrangement on the 1-hour chart, exhibiting a stepwise decline. Overall, the bearish sentiment is relatively strong, and the trading strategy needs adjustment; no longer participating in long positions, focusing on short positions.
During the day, one can refer to the diagonal trendline and the previous neckline position, which acts as resistance for short positions.
Trading suggestion: Short near 118300-118600 during a rebound, with a stop-loss at 119300 and an initial target around 117000. If broken, watch for previous lows.
