Views after the surge
A big positive line, thousands of troops come to meet! This one is indeed big and thick enough. It is estimated that this increase should be the strongest since the beginning of this bull market. In fact, this prediction was made in previous articles. The strong support of 6W mentioned before was not broken, but it did not effectively fall. Sometimes many people will say that it was not until the fourth day that it rebounded. It was a bit slow, but that's how dog dealers are. They always make you shake, haha! Next, let's look at the market. In the previous article, I put forward my views on the trend of large-cycle waves. It is roughly shown in the figure below. It has been a complete 5-wave structure since October last year (black line in the figure). The callback from March to May is a 4-wave callback, and the next wave may be a 3-5 wave rise. From the current point of view, this wave trend is still applicable. From the graph, the current trend is a rising flag, which broke through the flag descending channel this morning. This flag trend and breakthrough meet the following conditions: 1. The trading volume in the flag descending channel gradually decreases (see the blue moving average in the volume area, showing a downward trend); 2. The trading volume is enlarged when breaking through; 3. The daily technical indicators are bullish. Therefore, it can be considered that this is an effective breakthrough, and there is reason to give more expectations to the market. The only resistance above is near the previous high of 7w4. According to the equal distance rise of the flag pattern, breaking through 7w4 means aiming at 9w+ or even higher.
From the perspective of the open interest of futures contracts, there is no problem. The price increases and the volume increases, which is still relatively healthy. Combined with BTC's short-term liquidation heat map, the price may fluctuate and consolidate between 7-7.2w for a period of time. In summary, as far as BTC is concerned, first look at the resistance near the previous high of 7w4. As long as it breaks through, 9w+ can be expected. If it cannot break through 7w4, BTC will convert into a longer period of large fluctuations (60k-74k). #BTC突破7万大关 # market