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After a day of Bull vs Bear Battle, the long positions retreated and left the market, while the short positions took advantage of their victory. When reaching the high of 119800, it was once again met with resistance at the 12w level, starting to peak and rebound, currently experiencing a pullback that has broken the support level of 118500. The direction is now clear.
The MACD has formed a death cross below the 0 point, indicating that this downward trend has not yet ended, and there is significant space below. From a daily chart perspective, the short positions are still increasing, and the market is under considerable downward pressure; in this situation, it is bold to go short.
Bitcoin strategy: Southbound near 118500, target 117000 #BTC#