11.7 Bitcoin continuously sets new historical highs! How to find long opportunities?
Bitcoin started to rise yesterday morning, directly surging above 75000, then subsequently pulled back to 73000, and in the afternoon, it began a rebound trend that continued until the early hours of today, when Bitcoin again set a new high, reaching a peak of 76400.
The current price is again pulling back, and the current price is around 75000, still at a very high level, appearing to have the potential for another surge at any moment.
By drawing a trendline connecting the recent high points, it can be observed that Bitcoin may be forming an upward channel, which is a pattern that commonly occurs in a rising market. Currently, it appears that the Bitcoin price is likely to pull back to the bottom of this channel, which seems to be a very opportune place for a rebound.
The key support level below is believed to be around 73000, which is the first point where Bitcoin held after surging to a historical high yesterday afternoon. Therefore, as long as this position is not broken during the pullback process, I believe the uptrend remains intact.
However, if the price pulls back below this level and breaks the short-term support, I think bulls should be cautious, temporarily observing the market and waiting for the price to return above this level, or to hold at a more crucial lower support level before considering to chase long positions again.
If it breaks down, I will continue to monitor and remind everyone about the pullback situation of the lower support level. I expect it might be around the 70000 level, but that's a topic for later; however, it is still important to remind everyone.
Because the arrival of a crazy bull market means that the volatility will also be very large, being careless in a bull market could also lead to significant losses.
