Morning analysis on October 10.

Overnight, Bitcoin experienced another "waterfall-like plunge," with prices continuously falling below the 120,000 mark, dipping as low as around 119,600 before showing a weak rebound. The current price is fluctuating around the 121,700 line, with the market still firmly controlled by the bears, and the overall weak trend has not changed.

From the 4-hour trend observation, the Bollinger Bands have significantly tilted downwards, accompanied by a long bearish candle breaking through the lower edge of the channel. Although a technical rebound occurred subsequently, the trading volume could not effectively support it, failing to reverse the current downward trend. On the hourly chart, the bearish pattern is clearer, with high and low price points gradually declining, and each rebound is constrained by the mid-band pressure, indicating a lack of buying strength.

Overall, the current rebound of Bitcoin is merely a brief pause in the downward process, with limited upside potential. In terms of operations, it is essential to adhere to the core idea of "shorting on rallies and operating in line with the trend." The bear-dominated market continues to persist, and any slight uptick may present new opportunities to enter short positions.

It is recommended to short when it rebounds to around 122000-122500, with a target looking down at 120800-120000. If it breaks down further, continue to look down, with a stop loss of 500 points!
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