Familiar rhythm, familiar taste. Bitcoin ultimately went down, although it showed a corresponding rebound in the morning, it could not overcome the power of the bears. Isn't this a counterattack? Moreover, every time it dips, there will be a corresponding rebound or adjustment, and it falls again after encountering resistance. Now the price of the coin has started to rebound, with the obvious resistance at the 100,000 mark. If the rebound encounters resistance at this level, continue to short!

Looking at the 4-hour chart, the price of the coin has been under the pressure of the moving averages, showing a bearish arrangement. The rebound high points are decreasing in succession, and the downtrend has not changed. The price of the coin has gained support at around 97,500 for a short-term rebound, with clear resistance above. We will wait for the rebound to meet resistance below the 100,000 mark before shorting. The support below remains at 97,500; if it breaks down, it will fall towards the 95,000 level, with a downtrend. Do not easily try to catch a falling knife; only when the market strongly breaks through resistance and continues can we consider a reversal. Previously, gold had several strong rebounds, but none of them continued, so be cautious when trying to catch the bottom!

For Bitcoin's afternoon operation, Lin Kun personally suggests shorting at a rebound of 99,350-99,850, with a target down to around 97,500-97,000!