After BTC broke through 63800u, it hit the 0.618 retracement level of 65000u, which is temporarily blocked.
According to the definition of general trend reversal, as long as the golden pocket range of 0.618-0.66 can be broken this week, the bullish trend can continue.
The current resistance of 65000u poses a certain hidden danger to the bullish trend. What needs to be seen next is that the supply in this small range is absorbed again and successfully stands on 0.66 to start the next upward trend.
Based on the previous market sentiment and rate performance, I still think that the previous market theme is short squeeze. After breaking through 63800u, the shorts in the market have been fully cleared, and the rate has returned to normal, and has appeared at a higher level in some exchanges.
Therefore, it can be confirmed that the short squeeze has ended, and the market will return to the state of supply and demand game. This week, the price is likely to fluctuate in the range of 0.66~0.5.
The strategy was fully long at 62500u, but I still maintain a cautious bullish mindset, focusing only on the market and not being swayed by emotions.
If it falls below 62300u again this week, I will think that 63800u is a false breakthrough for short liquidation and re-be bearish. Before that, just hold long positions and wait and see.
