After yesterday's turbulent pattern, the price of Bitcoin is currently around 117400-118000 (as of the time of writing), with a 24-hour decline of 0.3% and an intraday fluctuation of about 1.2%. The first resistance level above is at 118500, and the second resistance level is around 119500. The first key support level below is at 116500, and the second support level is around 115000.

Currently, according to technical indicators, the MACD on the daily level shows a death cross, with the DIF line crossing below the DEA, but the green bars on the 4-hour level are narrowing, indicating a weakening of short-term bearish momentum. The daily RSI at 45 is at the lower edge of the neutral zone, while the 4-hour RSI at 42 is close to oversold, suggesting a demand for a rebound but with limited strength. The daily Bollinger Bands are narrowing, with volatility dropping to the lowest level in nearly two weeks, indicating that a direction choice is imminent.

Long position suggestion: If the price stabilizes after a pullback to 116800-117000, consider a light long position, with a stop loss at 116500 and a target of 118000-118500.

Short position suggestion: If it rebounds to 118300-118800 and faces resistance, consider a short position, with a stop loss at 119000 and a target of 117500-117000.

Positioning suggestion: Total position should not exceed 30%.