99500 is a key resistance, 101000 may present the best short opportunity
The resistance level of 99500 has many retail traders shorting, as can be seen from the K-line pattern from 4 PM to 8 PM. Although the bearish strength is strong, the bullish strength cannot be ignored!
Those who shorted near 99000-99500 will place their stop-loss above 99500, around 100000. If it pushes up to 99500 again, many retail traders will hit their stop-loss, which will further drive the price upwards. 101000 is a balanced position.
From the four-hour K-line chart, it can be seen that the market has stabilized at 98000, and 99000 has been tested three times. Next, it is highly likely to test the key resistance at 99500 again. If this key resistance is tested again, 101000 is likely to be touched, and this position is also an excellent shorting opportunity!