$BTC Bitcoin's 4-hour astonishing reversal is actually a poison pill? Old investors: I've seen this script 800 times!
The violent surge at the 4-hour level in the early morning directly pushed Bitcoin back above the 100,000 mark with a big bullish candle. Us old investors have seen this many times! Since last year until now, I can't count how many times we've been fooled by such false breakouts. The main players love to play this kind of sneak attack in the middle of the night!
The daily chart clearly shows a strong bearish candle with increased volume. Although there was a rebound, the strength is weak. Even if it surges up to the 5-day moving average on the daily chart, it will still be knocked back to 101,000 for consolidation! If they really want to make a big move, we must see a daily level with increased volume firmly standing above 103,400, and a K-line with a huge lower shadow — that would be a true bullish signal!
Today, during the day, it's highly likely to fluctuate between 100,000 and 103,000. If the daily line closes with a doji star, then it might really change in the short term. But don't blame me for not reminding you, at this position, anything can happen. Those with heavy positions should quickly reduce their holdings, don't let this false move fool you! My personal view is very clear: either wait for the breakout above 103,400 to chase, or wait for a drop below 98,000 to buy the dip. Right now, this position is a meat grinder!
