$BTC started to drop from 118,400, hitting a low of 115,600. In just one hour, it dropped nearly 3,000 dollars. It rebounded at the key daily support level.
BTC has dropped three times without breaking this support. The CME gap below is almost filled. The rise from yesterday to today was entirely driven by ETH. The 4-hour chart has already started to show decreasing volume, which means that the 114,000 level is definitely going to be tested soon.
The only uncertainty is whether the market will quickly spike down or if it will directly drop with a solid bearish candle.
If it's a quick spike down, 114,000 would be a great entry point for longs.
If it drops with a solid bearish candle, then it's better not to enter long positions; at least wait for a reversal signal before going long.
$BTC is at a perfect point. It just reached a high of 118499.8 and has now dropped.
Let's see if it can fill the gap tonight or tomorrow. This short position is perfect.
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