Monday brings excitement, waking up to a cliff-like drop. As mentioned last week, the price was set to break down, and indeed the trend has been validated.

The technical structure on the four-hour level shows a bearish candlestick retreat, with the price continuously breaking below the channel. The three lines are surrounding the price and moving downwards. The candlestick's major direction has formed a triangular area, and the current retreat is just collecting the last piece of the triangle.

BTC continues to decline, once again breaking below the previous range support, forming a top-bottom conversion. So, can the intraday short continue to move down? I believe it can, at least it should return to around 112,000. As mentioned in Sunday’s live stream, I am bearish. Although there were minor losses along the way, the overall direction remains unchanged. Therefore, hitting the target is just a matter of time. I have mentioned before that no one can buy high and sell low. Based on the current trend, Bitcoin is expected to pull back to around 115,600 to 116,000 to continue shorting, watching for 112,000.

Follow Jiang Wei's public account, for what can relieve worries, only Jiang Wei.

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