Don't rush to chase more

BTC may be heading towards 110,000

Yesterday BTC dropped to 112,300, then suddenly surged with increased volume, it feels particularly strong, and the trading volume is indeed a bit larger than the previous days. Does this mean that this level will stop the decline? First of all, from the perspective of the rebound, yesterday's rebound wasn't particularly strong. In terms of results, it wasn't much different from the rebounds in the previous days, with an overall rebound of just 2,400 points. Let's think carefully about a question: yesterday's increased volume in the rebound proves that buying interest has indeed increased compared to previous days, but the result is that the strength of the rebound didn't improve. This is what we often say in technical analysis: effort without results. For example, if in the past it took 20 million to rebound 2,000 points, yesterday it took 100 million to rebound 2,000 points, and that was at a lower price. What does this prove? It proves that even at such a low price, there is still a large amount of selling happening. In other words, for the price to rise, a buying interest of 100 million is far from enough; it may require 300 million, 500 million, or even more. If there aren't more buyers entering the market, the current price cannot go up. So why was there not more buying interest yesterday? I believe it's because the price hasn't reached the right level; the main players are still waiting for cheaper chips. I personally tend to think that it will drop to 110,000-111,000. If there is a large influx of buying interest here, we can go long. So why did so much capital enter the market yesterday? I believe it was a rush to enter; many people entered early and then waited for positive news, hoping to catch a quick surge. But I won't be that eager to enter; I believe the real price should find a bottom today and tomorrow, and only then will there be a significant rebound.