Has BTC reached a peak???
① It’s only 1.6% away from a new high. Why did it suddenly drop? Is this the rhythm of a peak? Is there any chance of a reversal? Or is it just a washout, and then it will rise again after the washout? What do you think now?
......My friend, I know you have many questions, so do I. It was just a little bit away from a new high, and the sentiment has peaked here. Why isn’t it rising?
My thought is that it’s a washout, and it’s unlikely to reverse just like that. You must know that the closer you are to the previous high, the greater the pressure, especially with many chips trapped at the top. Anyway, a new high may not go far, and if it sets me up again, I would really feel like wanting to die.
Therefore, a batch of chips will escape here, and the 'dog' trader will take this opportunity to conduct a severe cleaning wave. Otherwise, these indecisive entities will easily become a burden after a new high.
So, although it’s very dog-like, this is also one of the tactics of the 'dog' traders. Unless there is continued selling from tonight until tomorrow morning, it’s just a washout action before a new high.
② The main pressure above has now reached the range of [108300-109500].
The key support level that determines whether the price will consolidate or decline is the 104500 line. In other words, if the price continues to fall and breaks below 104500, it is basically unlikely to reach a new high in the short term. There may be a significant washout before it can rise and reach a new high.
So, as long as this situation does not occur, there is still an opportunity to leverage for a new high. The question arises, how can we continue to rise?
At least it needs to regain the 106500 level and stabilize above this price. Otherwise, a small adjustment is basically unavoidable. The target position for a small adjustment is around 104600.
