The Wall Street Journal 08.15: 124000 to 121200: Wu Song retreats from "Mai City", will the longer not counterattack today and collapse?

Viewpoint: Wu Song performed quite well yesterday morning, following the Morning Post plan to consecutively defeat the historical high of July 13 and the integer level of 124000, both of which were two "roadblocks". However, the price of Bitcoin stopped abruptly at the pressure level we reminded to pay attention to, between 124000 and 125000, becoming a new historical high point. After that, the bears exerted force causing the price to retreat step by step. Is it that Wu Song got drunk or was defeated? We believe that the current loss of 121200 by the bulls has already damaged the upward momentum. If this position cannot be effectively regained today, the market's short-selling power will increase again. Therefore, under the currently favorable conditions for bears, bulls need to be cautious.

Operational strategy: The longer party will mainly observe for now. If the price quickly drops to around 117200 or 116300, a small rebound can be attempted. Reduce positions near 118700 or 119200.

Risk warning: If the longer rebound is ineffective, use 115500 as the take profit stop loss.