$BTC reached a high of 119,450 last night, which is less than 1% away from the short position I mentioned at 119,600-120,000. The key level to watch below remains at 116,400.
A drop below this level could trigger a rapid decline. If we are to fill the gap this time, it could at least drop to around 113,350. The current position has been unable to rise, indicating that subsequent capital is not keeping up. Over time, this will naturally lead to problems.
I've also provided an opportunity for a second short position. If you seize it, that's a $2,000 drop. Continue to rebound upwards and short again.
$BTC has started to rebound upwards as shown in Chart 1. It fell to a low of 117,300 in the early morning before starting to rebound. The upper channel resistance is at 119,600, so pay close attention to the 119,600-120,000 range to see if there are opportunities for a second short position.
Most altcoins have retraced to key daily support levels, such as UNI, SOL, ADA, etc. Now we are just waiting to see what BTC decides to do: will it directly break through the key resistance level, or will it quickly drop after hitting resistance? The short positions are ready; we just need to wait.
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