BTC started to surge at 7 AM, which sets a good tone for the new week. Whether it can maintain the current strong upward momentum will depend on the crucial Federal Reserve interest rate decision this Wednesday night.
Back to the chart, the two head and shoulders patterns of BTC shared yesterday are overlapping, and a quick surge is expected in the small time frame, although the magnitude is not large. However, the future looks promising. The short-term small time frame has reached the upper edge of the upward channel, currently consolidating at a high level, and may experience slight adjustments tonight along with US stocks. Since the price has already broken a new high, the main theme remains to buy on dips; blindly shorting has limited profit and slightly higher risk, so keep a close watch on the market and act quickly. Although this wave of upward movement still has potential, the trading volume is relatively low compared to before, and there are many short positions in the contract market that have been maliciously forced to close, fueling the rise. Several positions for potential pullbacks are worth monitoring.
Support position
First position 103723 (position is slightly aggressive)
Second position 101917
Third position 100458
Fourth position 99000-98480
Resistance position
The market is currently pausing here, likely just a brief rest for the main force, not a sign of pressure. Even if there is potential pressure, it needs to be validated before it is effective.
In trading, it is important to go with the trend; go with the big and against the small. When a trend emerges, take advantage of the ride; be flexible when turning from a favorable to an unfavorable situation. Opposing the trend is like trying to stop a car with a mantis; it disrupts your mindset and trading rhythm.
Tonight, as the US stocks fluctuate, if there are significant swings, friends should remember to take profits regularly and decisively cut losses; holding on to positions is meaningless.
If you have any interpretations of other cryptocurrencies' market conditions or need to consult about trading, you can leave comments.
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Wish you smooth trading. Thank you!