Bitcoin experienced another sharp decline yesterday, with a very obvious downward trend and weak bulls. Yesterday, the bulls tried to rebound three times but failed to break through 116,000. Instead, they faced resistance and fell to a low of around 112,600. Most who tried to bottom-fish for a rebound are now trapped.
In terms of indicators, the MACD is below the zero line and opening downward, with bears still gaining strength; the moving averages EMA60 and EMA90 have turned down with openings downward, indicating that short-term bears are absolutely dominant. However, if the price remains range-bound at low levels during the day, there may be a chance for a rebound in the evening. We will observe as the market develops and maintain a cautious approach focusing on high shorts.
Trading suggestion: Short at the rebound to 115,500-116,000, with a stop loss at 117,000 and take profit at 114,000-112,600.
