Today's massive surge in ETH has also pulled up most altcoins.
In this case, will BTC suddenly reverse and head down?
The answer is no. The conditions for a sudden reversal are very harsh, and from a technical perspective, BTC as a leading structure is very stable, so there will be signs before a sharp drop, meaning it will definitely form a large-scale topping structure.
So, it is very normal for the market to occasionally pull back before this; don't think that a drop in the market means the overall trend has peaked and will crash. It's not that quick. However, those who chase long positions directly at high levels should still control their risk, as it is very likely that the price will dip down one day, triggering your position, and then the next day the price will rise back to your entry price.
Market analysis
4h
On the 4h level, we are still in a 4h uptrend. Personally, I believe that the current uptrend has not yet ended. I expect some short-term consolidation around the central area, and then another upward move. The first target above is 126000, and the second target is around 130000.
Generally, we can only confirm that the daily uptrend has ended when the price falls below 108500. However, confirming this after the price has broken this level is already quite late, so we need to comprehensively judge based on the daily and weekly structures that change every day.
Short-term
15m
Today, the price once again surged to 120900 and then fell back. Currently, the drop has approached 4000 points. Later, by midnight, we just need to observe whether the price can stabilize at 117000. If the support is not strong, it is likely to undergo a 1h pullback and continue to retest around 115000, with rebounds to pay attention to around 118500.
