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Yesterday really scared me, is Bitcoin going to start a rebound?
It was really thrilling, Bitcoin didn't hold at 113,000 and continued to drop for a while, but fortunately, it eventually recovered. However, the market is weaker than we expected.
My personal strategy is to continue shorting after the rebound. Although there are some sell orders around 114,500, I believe the perfect shorting point is at 116,000. This is the level where support and resistance switch; the strength of the support at 116,000 before is now the same magnitude as its resistance.
In the short term, Bitcoin shows signs of an oversold rebound. The 4-hour MACD may cross bullish for a while, leading to a rebound. Previously, there have been rebounds after such declines. We can't say it's 100%, but the probability is quite high.
Now we just wait for the rebound to finish, and then continue to short. The long-term bottom hasn't appeared yet, and the whole of August will be relatively weak. Let's let the bullets fly for a while. When it reaches a state of panic or, ideally, extreme panic, I will come out to buy the dip. At that time, don't hesitate to take action!