This morning’s big pancake rally is strong, and it’s not a random breakout.
The daily chart has been closing in consecutive green candles; at midnight there was only a very shallow pullback, without any deep correction. The bulls have built up plenty of momentum: 71,500—key resistance—has flipped to support, and the bid-side order flow at the base is holding up strongly.
Many short positions were betting on a drop, but after the price broke upward, it triggered a chain reaction of liquidations. The liquidated shorts then turned into buy orders that pushed the price higher. Also, a lot of traders who had previously been long sold too early and ended up missing the move—they’re afraid of continuing to miss out, so they chose to chase after the rally. Multiple forces converged, creating an acceleration higher that didn’t offer a pullback.
However, the rally has been too fast in the short term, and the market is already in an overbought condition. The probability of back-and-forth wick-chopping (a washout) afterward increases. It’s not recommended to chase a jump at the high directly—wait patiently for a pullback and then look for a setup.
#特朗普敦促国会通过Clarity法案 $BTC
$ETH BTC broke $72000
The daily chart has been closing in consecutive green candles; at midnight there was only a very shallow pullback, without any deep correction. The bulls have built up plenty of momentum: 71,500—key resistance—has flipped to support, and the bid-side order flow at the base is holding up strongly.
Many short positions were betting on a drop, but after the price broke upward, it triggered a chain reaction of liquidations. The liquidated shorts then turned into buy orders that pushed the price higher. Also, a lot of traders who had previously been long sold too early and ended up missing the move—they’re afraid of continuing to miss out, so they chose to chase after the rally. Multiple forces converged, creating an acceleration higher that didn’t offer a pullback.
However, the rally has been too fast in the short term, and the market is already in an overbought condition. The probability of back-and-forth wick-chopping (a washout) afterward increases. It’s not recommended to chase a jump at the high directly—wait patiently for a pullback and then look for a setup.
#特朗普敦促国会通过Clarity法案 $BTC
$ETH BTC broke $72000