On July 2, $BTC 7
The market suddenly surged! Is this a signal to break through previous highs? Has the trend really reversed? How long can this wave of increase last? Will there be a subsequent pullback? I believe these questions are currently on everyone's mind.
Regarding yesterday's predictions, the overall direction was accurate - the initial decline followed by a rise was completely in line with expectations. However, it was surprising that the rebound was so strong, as the originally set pressure range of 106700-107100 was directly broken through with force. The bulls' operations in this wave were indeed impressive, not only clearing low-leverage short positions but also turning high-leverage short positions into fuel for the rebound. Today's liquidation data must be quite significant.
The latest technical indicators show that the effective resistance level has moved up to around 107800. It is important to note that this position is not an absolute top; it is expected that prices may experience some consolidation here, but the overall upward trend has not yet ended. As for whether it can break through the previous high of 108800? The probability is increasing, especially if the 107800 level is effectively broken through.
Regarding the risk of pullbacks, the market will inevitably undergo adjustments. However, it is currently impossible to determine whether it will be a shallow pullback or a deep retracement. Once relevant signals appear, I will issue a warning in the community at the first moment. The key support range is located at 106500-106700; if 106500 is effectively broken, we need to be cautious of the emergence of a "door painting" market. The near-term support is around 107100; to maintain the current strong upward momentum, it is best to hold this level. Once it is lost, it may indicate a weakening of bullish momentum; if it further breaks below 106500, the upward advantage established today will face severe tests.
Follow the national trend, let us peel back the surface to see the underlying mechanisms, and remain calm in both bull and bear markets.
