The significant turning point for Bitcoin is approaching, proceed with caution!
Bitcoin has now reached a critical juncture, and the upcoming trend may directly affect your returns, so make sure to read carefully.
Current Market Situation
Recently, bulls have made a fortune, but don't let profits cloud your judgment. Bears have been severely wiped out, including myself. Bitcoin has continuously broken through key resistance levels, and it's clear that institutions are determined to completely eliminate the bears, this is no longer in doubt.
Some people are still shouting, "BTC is going to 120,000," but in my opinion, the most we will see this wave is 106,500, and it's difficult to go higher. Because the bears in the market have basically been cleared out, there are no counterparties left to harvest if the price continues to rise. Next, the market is likely to reverse and start liquidating the bulls.
Key Signal: Daily Triangle Consolidation
I rarely use daily or 3-day charts, but this time it must be taken seriously. Currently, BTC is forming a large triangle consolidation pattern, which means a major direction is about to be chosen—either a breakout upwards or a crash downwards. The larger the level, the more violent the fluctuations will be when the market explodes.
From the 3-day chart perspective, the price has broken through the upper edge of the central range, but a long upper shadow has formed, indicating that this might be a temporary top. Even if it isn't a top, the upper level of 106,500 is also a strong resistance level; unless there is significant positive news, it's hard to break through. If it does break through, and after a solid retest, it might challenge the previous high, but the probability is very low—because the bears are gone, continuing to push the price up has no meaning.
Operation Suggestions
Bulls: If BTC falls below 103,200 and rebounds weakly, it's advisable to take profits in time and not let profits evaporate; otherwise, it can easily lead to a mental breakdown.
Bears: Don't panic, there is still resistance above; the stronger the rise, the harder the fall will be. The market still has many gaps to fill.
For those who are watching without positions: Don't rush to enter; wait for the triangle pattern to break before taking action; a day or two doesn't make a difference.
Remember: The market will not always go up, nor will it always go down; the key is to be prepared before the trend shifts!
Are you trapped? When to buy the dip? As always, if you're confused and helpless and don't know what to do, click on the profile picture to comment. I need fans, you need reference.
Focus for the day: ETH BTC LAYER PNUT
