BTC consolidates with both bulls and bears hanging on a thread
Looking back at the market, the price fell back to below 69.2k after breaking through the all-time high. It stood back up once but failed to stand firm and fell. It pulled back and continued to fall. A feast for short sellers. A standard false breakthrough to open a short position. The first take-profit target was as low as 59k. , but it did not go as expected. After the price plunged below 61k, it started a violent rebound, and the volume returned to above 69.2k. The shorts fell and the bulls became happy again. It turned out to be a short trap. Now you can go long with confidence. However, after the price breakthrough with volume, it did not quickly leave the support area. Instead, it began to consolidate at the support position, and has tested the support of 69.2k twice so far. It seems that it stood back to 69.2k just to exterminate the shorts below. There is no To continue to rise, the 4H level MACD has begun to calm down, and the rising volume energy is disappearing.
Technically, focus on several positions. The POC of the consolidation area that broke through the previous high for the first time is around 72.2k. It has not been tested here yet. Pay attention to 68364. This is the first test of the previous low after returning to 69.2k. From the perspective of the bulls. This should not be broken again. The all-time high of 63.9k is still a short-selling position if there is another false breakout. If 59k is tested by a pin, there will be a short-long opportunity.
But for now, no matter whether it is long or short, there is no particularly good strategy. Those who already hold positions can continue to hold positions, or reduce their positions and wait for clearer signals. Ultra-short term needs to find additional opportunity strategies.
I personally don’t like to watch the market and prefer left-side trading strategies. Trading strategies are time-sensitive. All comments do not constitute any investment advice. I wish you all good luck~
