Thursday summary is as follows: Bitcoin faced pressure and retreated, with bearish sentiment successfully captured again during the day. Three waves of short positions harvested a total of 4050 points as expected, and the bearish outlook continues into midnight!
Bitcoin's intraday trend has once again shown a retreat, aligning closely with Lin Kun's expectations. The price reached a high of around 99960 before facing downward pressure, and as of now, the price has dipped to a low of 95199, an overall decline of over 3760 points!
The intraday trend still aligns well with our expectations, and we executed three waves of shorts during the day, all successfully captured, totaling a harvest of 4050 points!
The first wave was a short position on Bitcoin at 99650, yielding a gain of 1600 points!
The second wave was a short position on Bitcoin at 98450, yielding a gain of 1450 points!
The third wave was a short position on Bitcoin at 96250, yielding a gain of 1000 points!
Regarding the future market outlook, the market continues to show a stepped downward trend. The earlier market showed some pause, with local contraction and correction, determining the strength of the correction based on the rebound space. The rebound space is small, replacing rebounds with horizontal consolidation corrections, which reflects a weak correction trend. The market is still expected to move lower, and until a bottom is formed, we shall not declare a bottom!
The 1-hour Bollinger Bands are beginning to converge, indicating short-term consolidation and fluctuation. From a daily perspective, it is in a transitional consolidation correction phase, gathering momentum to move lower. The market is currently in a consolidation rebound phase, seizing opportunities for high short positions. Personally, I believe the strength of the rebound cannot be too much, so we aim to use flexible strategies, finding opportunities to establish short positions on-site!
For Bitcoin's midnight operations, Lin Kun personally suggests a short position on a price rebound at 96350-96850, targeting a drop to around 94500-94000!
