Bitcoin violently surged in one week❗️Finally reached a key position❗️
In the long term, Bitcoin has been in a one-sided upward trend, with not much reference space. I will discuss a few scenarios that may occur next from the hourly level:
1⃣ The upper high points and lower low points on the hourly level serve as the fluctuation range. The pullback strength at the hourly level is relatively large, as it approaches the strong resistance level of 90,000. The selling pressure at this position is real. However, it is not advisable to start building a short position on the first wave of pullback. Generally, wait for a second upward test; there is a high probability of a spike, then consider shorting~ (stop loss at the high point, go long on the breakout). Make sure to wait until the breakout stabilizes before making a bullish layout! Otherwise, it is easy to get trapped in longs. At this position, I am more inclined to bait longs, starting to kill off bulls. I am optimistic about Bitcoin reaching 100,000 in the long-term trend, but the leverage and funds on the current ride are too heavy. Profit-taking is needed to exit before a second surge can occur📈
2⃣ Bitcoin has risen for 6 consecutive days. From Coinglass's liquidation map, it can be seen that the cumulative liquidation strength of long positions over 7 days has reached 3.098 billion USD. This data is particularly scary. Once the long positions reach a certain level of liquidation, the profits below need to exit, and the game between large funds is an opportunity for us retail investors to enter.
Summary: The high point above the current position is very important. If it breaks, it will be a vast ocean of opportunities, and we can directly look for positions to chase longs. If the rebound is weak, it is very likely to be a downward fluctuation, continuously trapping long positions and reversing against the bulls to re-accumulate at lower levels!
