$BTC

After the release of the ADP small non-agricultural data yesterday, the price fell slightly and hit the 72,000 pressure again. It is currently blocked and maintained at a high level. The competition for 72,000 has entered a white-hot stage.

Technical aspects

1. In terms of the overall trend, referring to the Pi Cycle top indicator, BTC maintains a bull market

2. The Bitcoin rainbow chart shows that the current BTC price is in a relatively cheap range. From the perspective of the trend, it is necessary to seize the opportunity to buy low

3. Yesterday, the impact of the 72,000 vicinity was affected by the long lower shadow Yin line. In terms of the K-line pattern alone, since the K-line position is at the stage pressure level, there is a suspicion of a hanging neck line (bearish); due to the rapid recovery during the price decline, the shadow part shows strong support. Without major negative factors, the transaction can be carried out around the shadow part. In addition, the location of the shadow is in the middle track of the rising channel. The dual support of the K-line pattern and the middle track provides long buying opportunities

4. From the perspective of wave theory, it is currently in a 5-wave structure, which is not as explosive as the 3-wave in terms of space, so it will be compressed in space. This is consistent with the pressure of the 72,000 high point and the pressure near 74,000. Unless there is a major positive news in the later period, the long-term trend will further expand the bullish space

Trading strategy:

Long order: Go long when the price falls back to around 70,000, stop loss at 69,000, target 72,000-73,500 (stable)

Long order: Go long when the price breaks through 72,000 or go long when the price breaks through 72,000 (breakout order-aggressive)