Bitcoin btc is indeed a bear trap, and bears are waiting for a bearish cypher pattern.

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After a short stay near 59k, the price did not give bears the opportunity to manually stop loss, and it was directly violently pulled up. It now seems to be stepping back on POC. What is interesting is that the VAL in the large market consolidation area coincides with the VAH in the consolidation area since 56.5k. In this large descending channel, there is a suspected cypher, and its formation position is near 70k. There happens to be an untested daily opening price here, and it is an integer, and it is also near the VAH in the large market consolidation area, and it is also near the upper edge of the channel, with multiple confirmation factors.

Therefore, violent bulls can go long at the current price, aggressive bulls can place orders on the left side of the overlap area, that is, near 61.5k, and conservative bulls wait for a retracement to near 59k before cutting in on the right side. The first profit target is the cypher formation position of about 70k.

For shorts, there is no good opportunity at present, and the bulls have just refueled. It is not the time for a head-on confrontation. It is wiser to wait for a short-selling opportunity above 70k.

I don’t like to watch the market, and prefer the left-side trading strategy. The trading strategy is time-sensitive. All remarks do not constitute any investment advice. I wish you all good luck~