Change yourself, adapt to society, and survival of the fittest. The only constant in the world is change. Those who do not change will lead an unchanging life. Law of wealth: Go with the flow, act in response, foresee and be aware, all are the way of the king!

Bitcoin, at the beginning of the week, the strong non-farm payroll data from last Friday began to influence the market. After a slight rise in the morning, it fell back and closed lower. After reaching a high of 27980, the non-farm payroll data released this time recorded the largest increase of the year, leading to market expectations of a Fed rate hike this year. This negative news triggered a pullback in Bitcoin, dropping to around 27200, and the daily chart closed with a bearish candle with a lower shadow.

On the daily chart structure, yesterday's bearish close was under pressure below the 120-day moving average, indicating that the overall structure has entered a weak state. The fundamental negative news also meets the needs of the technical trend. Although there is not much room for correction at the moment, the realization of the expectation of the Fed's hawkish turn will be the main pressure for Bitcoin's medium- to long-term trend in the future, so the medium- to long-term trend of Bitcoin is likely to correct downward.

The overnight trend of Bitcoin also met the technical need for a decline. Although there is not much room for correction at the moment, the overall structure has clearly turned bearish again. Intraday, attention can be focused on the resistance zone around 27700-27800, and the support below can first focus on the battle for 27200, with the main support still around 26800. However, due to the long negative fundamental cycle, the downward adjustment space for Bitcoin in the medium to long term may be unlimited. In terms of operation, short on rebounds, and short on highs!

Bitcoin

Direction bias: Bearish

Reference level: Short in the 27700-27800 area

Defense level: Expected defense level at 28100

Target level: Look for a space of 700-1000 points.

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