Local weakness 🔻

Overnight we got a good jump up reaching the $69,400 mark, after which the market decided to cool down the upward movement locally

expectations of people (who expected further growth) and returned back to its original values ​​below $68,000.

With each such sharp pump, the number of longists increases significantly. In order to get rid of mass long positions, the market is forced to conduct local rollbacks or sideways trading. Only in this case, further growth will be less unexpected and as few longists as possible will earn on it, this is exactly why such rollbacks and temporary weakening of the market are created.

At the moment, I allow to see a correction up to $66,700 and a subsequent reversal upwards. From the marked trading range (yellow), I expect to see a continuation of the upward trend and a final breakout of the $70,000 level.

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