@币安Binance华语
#你问我答
The Bitcoin price remains high throughout the day, and it seems this breakout with a trading volume of 70,000 is indeed exceptionally strong. The overall direction is still to buy on dips, which is not a big issue. Currently, the breakout adjustment sentiment of Bitcoin has not yet appeared, so it’s highly likely that Bitcoin is heading towards the high point reached in mid-March to form a double top structure (estimated around 73,000). Subsequently, once the double top forms, the market will undergo a technical adjustment.
As for this absolute one-sided market, it's estimated that it will pull to the top and then make a retreat adjustment. From a technical perspective, there is a severe breach of the indicator gap, so the subsequent timeframe will be pushed to tomorrow's daily update (probably between 8 AM and 12 PM).

My personal view is that this direct breakout market is indeed not suitable for chasing. In the short term, it’s better to wait for a dip to form a bottom before the market can have normal capital inflow and complete the bottoming process. As for the current straight breakout coupled with accelerating volume, it really does not conform to the logic of a healthy uptrend. Of course, this is also what the Bitcoin community calls the 'absolute strength' driving it (the support price is around 70,500-69,400).

From the perspective of normal and healthy uptrends and technical analysis, the short term needs a retreat adjustment. The retreat may not necessarily hit right at the support area, but a round of retreat adjustment must occur. Otherwise, if the one-sided rise is too thorough, most retail investors will not be able to hold on (this is what is known as the 'dog trader's buy-in'). In short, once the pullback sentiment completes the bottoming process, Bitcoin will then aim for a historical high (around 75,000-78,000).
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