After a sharp pullback last week, BTC violently rebounded but did not continue to make new highs. After consolidating over the weekend, it temporarily broke below a small level range and began to seek downward support. There is indeed a demand for a short-term pullback. If the daily chart does not close above 8 AM tomorrow, it may form a bearish engulfing pattern. The risk of chasing the market will increase in the short term.
The upward trend on the daily chart has not ended; it is currently in a high position starting to adjust. Here comes the trading plan.
Support levels to watch during the day
First support level 97519
Second support level 96185-95710
Third support level 94851-94377
Focus on the pressure level
First pressure level 100080
Second pressure level 101150
Third pressure level 102504
In trading, it is important to follow the trend, ride the big waves, and go against the small ones. When the trend comes, get on the ride; be flexible when the trend changes. Fighting against the trend is like trying to stop a car with your arms; it disrupts your mindset and trading rhythm.
During the night, with the fluctuations in the US stock market, if there are large fluctuations, remember to take profits frequently and decisively cut losses; holding on to losing positions is meaningless.
If you have any questions regarding other cryptocurrencies' market interpretations or trading-related inquiries, feel free to leave comments.
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Wish you a smooth trading. Thank you!