Follow up on current trends

Last night, the breakthrough of 69,000 failed for the first time, and it was too fast and only stayed for 2 minutes. Last night, it was obvious that the long positions were washed out, the leverage was cleared, and the continuous rise finally led to a sharp drop of more than 10%; but as we have said, this trend is In the market, the callback and pin testing of the support area are all opportunities to go long. The rebound during the day today is pretty good. Let’s see if there will be another pin when the Beige Book of Economic Conditions is released at 3 o’clock in the morning tonight.

Current data:

1. The chip distribution below 59900-63350 forms a range support. If the price does not fall below the low point of the range, the price will continue to rise/come out of the 60000-68000 range.

2. The net outflow of ETFs last night was 311 million U.S. dollars, which shows that users of the traditional capital market are showing signs of cashing out profits. They are simply seeing BTC reaching its historical peak and choosing to sell because they are worried about a strong pressure correction. We must continue to monitor daily funds in the future. Is it a net inflow or a net outflow? If the outflow continues, the price of BTC will also be affected and fall.

From a technical perspective:

1. Last night’s pin basically cleared more than 10 times the long leverage, but the support here of 60,000 has still not fallen below, indicating that this is a strong support, and long contracts can use this as a defensive zone (if there was a call last night If you have multiple contracts near 61,000, you can set the profit protection price near 65,000)

2. After the pin is inserted, the rebound temporarily stabilizes at 0.618, which is easy to challenge the resistance near 68000 above. It is difficult to say whether the previous high energy can continue to break higher.

3. The trend of eth is relatively strong. The pin directly tests the 3200 support. It is currently rebounding to near the previous high last night. The upper part is 3960. 4120 is still the short-term target price area #BTC $BTC#ContentMining