Bitcoin (BTC) is in a critical bottom building stage, and market participants should remain vigilant. In the short term, the 118500-119000 range has become an important support level. Although the 30-minute chart does not show a clear reversal signal, the lower band of the Bollinger Bands on the 1-hour chart and the middle band on the 4-hour chart provide additional support at 118500 and 118200, respectively.

In the current market conditions, the risk of shorting is relatively high, while going long requires careful waiting for bottom confirmation. Investors should closely monitor the coordinated changes in the 15-minute and 30-minute indicators. Once a bullish signal appears, they may consider establishing long positions.

From a longer-term daily perspective, the current situation is different from the previous hammer candlestick pattern at the 714k line top. Previously, the bullish energy was exhausted, while now the bearish strength is weakening. The MACD indicator has shown a golden cross above the zero line, and combined with the weekly indicators, it still supports the overall upward trend. Currently, no obvious signs of a downward trend have been found.

However, given that Bitcoin is currently at a relatively high level, the process of building a bottom is crucial. Investors need to closely monitor short-term indicator changes and be vigilant against potential severe fluctuations. At this critical moment, it is more important than usual to remain calm and cautious, and not to let their guard down.