$BTC 10.6 Bitcoin price today: Bitcoin reached a new high yesterday, with a maximum of 125,877. From a structural perspective, on October 3rd we mentioned that Bitcoin is following an ABC structure of wave x. The C wave is still in progress. Although the rise of this C wave has exceeded expectations, it still belongs to the category of the C wave and has not changed the overall structure. After the C wave is completed, there will still be a decline, which is a clear direction structurally.

Let’s take a look at the comparison between space and probability. The current price is around 123,000, with the upper trend line resistance at around 130,000, which means there is about a 5% rise potential. On the downside, there is a potential space of 20% for a fall. If the win rates on both sides are comparable, it is clear that betting on the short direction has a better risk-reward ratio. Therefore, in terms of capital management and probability logic, we still firmly choose to gradually position short orders in the current range.
In summary, start to gradually build medium-term short positions above 123500, with 10x leverage and a default spot loss limit of 5%; the rhythm of Ether is different from Bitcoin, and it's unclear whether it will first have a significant pullback before rising or go up directly to complete the large wave 5 before falling, so I won't touch it for now.