Last night, it broke through the short-term convergence structure, and after completing a second pullback in the early morning, it continued to rise to a high point, belonging to the structural confirmation stage. However, attention should still be paid to the plundering situation around 109k above.

On the weekly chart, with a large bullish candle closing below, the strength of the bulls is undoubtedly strong, but there has not yet been a clear breakout signal from the upper range. Therefore, it is currently only determined that a new bullish structure has formed in the small cycle, and a larger level of 📈 is not optimistic. We need to observe the breakout situation of the upper range, and it specifically needs to shift from small to large, giving a signal before following the trend.

In the previous consolidation at the top, BTC had a high turnover, with the yellow area serving as short-term chip suppression. The price reaching this range looks unchanged for a downward pullback.

The resistance area needs to undergo chip exchange ➕ wash away floating speculative positions, so the main force will digest the potential pressure above through narrow fluctuations. It is very likely that there will be another move up, and the bears should wait and not rush; if the position isn’t right, don’t act.

The main view is to make a false breakout to the selling area and then retract

(as shown in the figure) which will align better with the liquidity aspect.

So at this stage, it is first long then short.

Short target: 107k. TP: above 109k.

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