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7.16 BTC Morning Analysis
Yesterday, the BTC price declined, and the evening rebound was difficult to sustain. We implemented a short strategy and successfully profited. In the early morning, the upward force was weak, and it fell back at a key resistance level, currently oscillating around 118000, showing obvious weakness.
Looking at the daily chart, the bulls are showing fatigue, and the bears are dominating. In the short term, pay attention to the resistance level at 118500. If it is not broken, the high short strategy remains unchanged; a breakout or reversal may occur.
Trading suggestion: Short when it rebounds to around 118500 - 119000, target 117000 - 116000.