7.1 BTC/ETH market analysis; Emergency notice: The weekly line closed with a long upper shadow inverted hammer line, indicating that the upward trend may continue this week.
Before today's pull-up, the market still made a small retracement within the downward trend line, and successfully broke through after completing a trapping action. It is necessary to pay attention to the pattern trap and always keep a global observation. The current market trend is completely in line with expectations. Panic selling often forms a bottom signal, followed by a natural rebound, but multiple blocked retracements form pressure, showing a strategy of absorbing funds. The second test failed to break through the bottom, and today's trading volume was enlarged and successfully broke through the pressure level and trend line, which is in line with the perfect 123 rule.
This week's market trend is relatively simple. The weekly line shows the long-term downward vertical line that I expect to see. It is expected that this week will either pull up after a small retracement or rise directly. Multiple strategies for dealing with retracements should continue to be adopted. The 123 rule is also shown in the small time cycle, and the upper track of the right triangle has been broken, indicating that it will continue to rise in the short term. The key support level of the small time cycle is around 62200.
BTC operation suggestion: consider establishing a long position when it retreats to around 62200-61800, with the target set at 63000-64000. If it breaks through, look to 64900.
