The short-term bears have been reminding everyone that the descending channel is just a step away from taking shape, and once formed, it can continue downward! These reminders are all provided; you can take a look at the last chart. This wave of bears has gotten everyone short at the highest point, focusing on the 1100-1120 range. Now, we are just touching it and seeing a rebound. This wave is truly a well-captured market trend, whether in the short term, with several entries and exits, or in the medium to long term, exiting from the bottom. The market has essentially given a one-sided bearish trend! Allowing everyone to fill their pockets this time.
At this point, some people will think it will fall further, and significantly! That's just telling a story. The formation of this descending channel for Bitcoin is merely a secondary trend; the overall trend is still bullish. Although there has been some adjustment and rebound, in the short term, we are still looking at the 1100-1120 range and waiting to switch to long positions. Short-term entries are still possible, but I wouldn't recommend considering it if it drops significantly.
