Yesterday really scared me. Is Bitcoin about to rebound?

It was really thrilling that Bitcoin at 113,000 couldn't hold, continued to go down for a while, but fortunately, it eventually came back. However, the market is weaker than we anticipated.

My personal strategy is to continue shorting after the rebound. Although there are some sell orders around 114,500, I believe the perfect shorting point is at 116,000. This is a support-resistance swap point; the support at 116,000 was very strong before, and now its resistance is equally great.

In the short term, Bitcoin shows signs of an oversold rebound. The 4-hour MACD may cross golden for a while, and there might be a rebound. Previous declines of this nature have seen rebounds. I can't say 100%, but the probability is quite high.

So now we just wait for the rebound to finish and then continue to short. The long-term bottom has not yet appeared, and the entire month of August will be relatively weak. Let's let the bullet fly for a while, and when we reach a state of panic or, ideally, extreme panic, I will come out to bottom fish. At that time, don't hesitate to enter!