Yesterday's market once again showed a downward trend, first slightly rising to give a false bullish signal above 98000, and then experiencing a significant drop, plummeting to around 92200 in the evening, a decline of 6000 points, which is quite considerable. Huazhe's strategy yesterday was also precise, first recommending short positions around 98500, targeting 95000, and including a key insight: 'This downturn is very likely to test the 92000 - 90000 range.'
In the 4-hour structural chart, the overall K-line pattern is still operating within a correction channel, and the overall market will continue on the correction route. Although there was a rebound last night recovering some of the losses within a certain range, it is still under pressure in the upper heavy pressure zone around 98000. If this level is not broken, the downward trend will continue, and we remain bearish for the day.
Short positions near 98000 on the Bitcoin rebound, targeting 95000-94000.
