Observation before the market opens on Saturday, November 8th

From the four-hour candlestick chart, Bitcoin previously had three consecutive bullish candles pushing the price up, gaining nearly 4000 points in total, and the bulls were quite aggressive. However, last night the trend suddenly changed—there was no major news, and the price just turned downward sharply. This move indeed caught many people off guard.

During the session, the price briefly surged above the middle band of the Bollinger Bands, attempting to stabilize, but unfortunately couldn't hold, quickly falling back to around 104,000 and consolidating. Currently, the upward momentum appears to be clearly exhausted, and it’s unlikely to break higher in the short term.

Therefore, the trading strategy for the morning is clear: short on rallies.

Specifically, consider short positions in the 104,000 to 104,500 range, with the first target at 102,000, and a more aggressive target at 101,000. At this current level, waiting for a rebound to provide an entry is much safer than chasing the market.