8.5 Big Pancake: Hammering is under pressure, plunging into choppy consolidation; hammer tossing and low-buying is the main approach
Entry reference: place orders within the 645–649 range; set at 654 for the plan; targets look toward 635–625. Longs should wait patiently until 635 stabilizes before entering.
Yesterday, price probed up to 645 and then quickly pulled back, closing with a clear long upper wick. In the 645–646 area, a large amount of trapped positions from buyers (trapped “pans”) and “Ziying pan” have gathered. The bulls struck twice but failed to hold their ground; upside momentum has noticeably weakened—this is a typical signal of hammering encountering resistance. This leg of the rally lacks accompanying volume and is essentially a low-volume, hollow rise. On the hourly chart, indicators have turned from the range top and point downward; the MACD has confirmed a top-divergence structure, and in the short term it is highly likely that a technical pullback will begin.
Current price is at the upper edge of a wide choppy range. Over the past month, this level has repeatedly triggered pullbacks of several hundred points, and the effectiveness of the resistance has been proven again and again. Unless there is incremental buying power from now to push the market higher, it will be difficult to form a valid breakout $BTC #crypto market
Entry reference: place orders within the 645–649 range; set at 654 for the plan; targets look toward 635–625. Longs should wait patiently until 635 stabilizes before entering.
Yesterday, price probed up to 645 and then quickly pulled back, closing with a clear long upper wick. In the 645–646 area, a large amount of trapped positions from buyers (trapped “pans”) and “Ziying pan” have gathered. The bulls struck twice but failed to hold their ground; upside momentum has noticeably weakened—this is a typical signal of hammering encountering resistance. This leg of the rally lacks accompanying volume and is essentially a low-volume, hollow rise. On the hourly chart, indicators have turned from the range top and point downward; the MACD has confirmed a top-divergence structure, and in the short term it is highly likely that a technical pullback will begin.
Current price is at the upper edge of a wide choppy range. Over the past month, this level has repeatedly triggered pullbacks of several hundred points, and the effectiveness of the resistance has been proven again and again. Unless there is incremental buying power from now to push the market higher, it will be difficult to form a valid breakout $BTC #crypto market