11.3

BTC longs are weak, continue to short on rebounds
Yesterday, BTC entered a repair rebound phase as expected, with the price vying around the 110,000 level. However, the upward momentum gradually diminished over time, failing to break through effectively. As of now, the price hovers around 110,200, with resistance zones slowly shifting downward. Short-term market long positions lack confidence. If the price cannot stabilize above the 110,000 integer level, it is likely to retreat again to test the intraday support levels.
From the short-term hourly chart, this rebound repair has not resulted in a trend reversal. The market remains supported by the 5-day and 10-day moving averages, maintaining a consolidation pattern, and is now clearly constrained by the 30-day moving average. This technical pattern indicates that short-term long positions lack the strength for sustained upward attack. If the price cannot break through and stabilize around the 30-day moving average, further downside pressure is expected.
The overall market continues to fluctuate within a range, with daily gains less than 1,000 points. Bulls and bears are fiercely contesting within the current range, with no clear direction yet. In this context, the market remains in a phase of oscillation and repair. Until a clear breakout occurs, blindly chasing long positions carries significant risk.
Overall, the current BTC trend leans toward sideways and bearish. The recommended trading strategy is to cautiously short on rebounds:
Focus on resistance around 112,000. If the price rebounds to this zone and encounters resistance, consider short positions accordingly;

Support levels are first seen around 108,200. If this support is effectively broken, further downside is expected.
Around the rebound levels of 111,200 and 112,000, consider short positions targeting below 109,000.