Why didn't Bitcoin see a pullback when it rushed to a record high? At this stage, sideways trading is the only correct answer

Yiming's personal opinion, for your reference:

Yesterday, the bulls held their heads high and the early morning rally went straight to the historical high of 73,600. Then the high sideways trading ended in the intraday Asian and European sessions, forming a state of sideways trading to stop the decline.

This situation is also easy to explain. If you can understand why the price will rise as I wrote in my morning article, it is not difficult to understand this wave of sideways trading. After all, capital institutions hedged risks before the election, and the influx of funds pushed the price to a high point, which is conducive to their arbitrage and exit; so it is impossible for the price to have a large correction before the election. At the same time, it is impossible to break the high again. The bulls' energy has basically been exhausted. Whether it is the "Trump deal" or the risk aversion sentiment, it is difficult to play a boosting role again this week. At this stage, it is basically in a closing stage. Those who should have participated in the layout early have already participated in it and are waiting for the net to close.

In terms of daily chart, we can see that the 4 consecutive positive pull-ups have formed a relatively strong situation. However, we can also see that after reaching the historical high, it quickly ushered in a correction to the lowest level of 71800 and the final price closed at 72700. After all, there is a historical high pressure above, and it is not so easy for Bitcoin to break through. In the short term, the price of Bitcoin will be in a high and narrow range of 71500-73000. #BTC☀ #BTC走势分析