Is the market turning around?
Following yesterday's weekly candle closing, Bitcoin has retraced to around 675. This pullback has almost cleared the entire market's euphoric sentiment, and those retail investors who entered during the rise are suffering greatly, having approached the starting point. So, will the upward trend continue?
I believe it will not; the 8.5 black swan has already occurred. We have referenced history and learned lessons from it, but we should not be overly pessimistic. We can observe the current market trend; the euphoria has begun to weaken, and it is highly likely that a new beginning is on the horizon. So, at what position should we enter?
Looking at the 4-hour price chart, Bitcoin has clearly encountered strong resistance around 67446 at the lower boundary, and the lower trend line has begun to shift, indicating that this position may be a bottom. This round has already ascended tonight, and the current entry opportunity is in the range of 682-687. The 1-hour chart also shows that it is encountering strong resistance at the bottom and starting to rebound, and this rebound has not yet ended, with the possibility of continuation. In the short term, it is unlikely to see euphoria re-emerging. Combining what we discussed above, this round is at the bottom, and we can enter below 688. The simultaneous trading of the 'Aunties' and Bitcoin may have some deviations, but the overall direction will not change.
Operational advice:
Buy Bitcoin around 685, initially targeting 70000.
Buy 'Aunties' around 2450, targeting above 2700.
For reference only, please refer to Shipan for specifics.
