Recently, the Bitcoin market has shown some technical indicators worth following. According to the 2-day chart analysis, BTC is facing a death cross pattern, which may indicate that market sentiment is leaning towards caution in the short term.

Currently, traders should focus on the trends in the 12-hour time frame. At the same time, it is advisable to closely monitor whether there is a resonance effect in the 6-hour, 8-hour, and 12-hour charts, as this may indicate important market turning points.

In terms of intraday trading, we can consider $117,600, $117,110, and $116,500 as key support levels. A break below these levels could trigger further declines. On the other hand, $119,086 and $119,800 are important resistance levels, and a break above these levels may indicate an increase in bullish momentum.

However, it is worth noting that relying solely on technical indicators is not sufficient to make trading decisions. Traders are advised to wait for clear patterns to emerge before taking action, while always keeping in mind the importance of setting stop losses to manage risk.

Finally, although technical analysis provides us with valuable market insights, it cannot guarantee 100% accuracy. Investors should consider multiple factors and make their own investment decisions carefully.