Thursday's summary is as follows: Bitcoin is under pressure and has retraced, showing bearish sentiment again as expected. The three waves of shorts successfully captured a space of 4050 points, and the bearish outlook continues into midnight!
Bitcoin's intraday trend has again seen a retracement, with the market movement aligning very well with Lin Kun's expectations. The highest price during the day reached around 99960, facing downward pressure. Up to now, the lowest price touched around 95199, resulting in an overall decline of more than 3760 points!
The intraday market movement still aligns relatively well with our expectations. We also executed three waves of shorts during the day, all of which were successfully captured, totaling a gain of 4050 points!
The first wave shorted Bitcoin at 99650, capturing a space of 1600 points!
The second wave shorted Bitcoin at 98450, capturing a space of 1450 points!
The third wave shorted Bitcoin at 96250, capturing a space of 1000 points!
Looking at the future market trend, it still shows a stepped downward movement. The earlier market experienced a slight pause, with localized contraction and correction, determined by the strength of the rebound space. The rebound space is small, replaced by horizontal consolidation instead of a rebound, indicating a weak corrective movement. The future market is still expected to go lower, and until a bottom is established, we still cannot declare a bottom!
The 1-hour Bollinger Bands are starting to converge, indicating short-term consolidation and fluctuations, while from the daily perspective, it is currently undergoing transitional consolidation and correction. This is to gather strength for further declines. In the future market, we should look for opportunities to short during the consolidation and rebound. Personally, I believe we shouldn't expect too much strength in the rebound, so we should try to be flexible and look for opportunities to short on-site!
For the midnight operation on Bitcoin, Lin Kun personally suggests shorting on the rebound at 96350-96850, with the target looking down to the range of 94500-94000!
