$BTC 6.5 Bitcoin Market Analysis
Bitcoin is above 70,000 again. The community has always held bullish beliefs, but it is not suitable to chase long now. There is limited room for further rise in the short term, and the risk of chasing long is greater than the benefit.
If a head and shoulder bottom structure is constructed, the right shoulder construction time is now half of the left shoulder, and the right shoulder is likely to be unfinished, and the possibility of continued correction is high. Therefore, it is not recommended to continue to go long above $70,000.
If it retreats to around $63,000-64,000 and around $55,000, consider going long again.
