$BTC this kind of move makes going long worthwhile no matter what!
The price has broken out, ETFs continue to attract funds, but the short term has already entered a high-level battleground zone
Looking at the chart first, it has been pulled up from around 6.22 to 7.95, with a very large increase in a short period of time. The dense trading zone around 7.45 in the early stage has already been strongly broken through. It is currently consolidating around 7.7, and the support after the breakout has been fairly good, with no obvious spike-and-pullback pattern
The capital flow is also biased bullish
Cumulative net inflows into spot ETFs have reached about 54.16 billion, with another roughly 308 million dollars of net inflows in a single day. In recent days, large amounts of funds have continued to enter, and institutional funds have not shown any obvious withdrawal
However, the short term should not be too optimistic. Contract and spot short-cycle data have shown some net outflows, and profit-taking has begun to appear around 7.8. The market is currently digesting selling pressure
Next, focus on the key support at 7.45, while 7.95-8 is the first strong resistance
As long as 7.45 ten-thousand does not break, the bullish structure remains intact
Buying the dip has the best risk-reward ratio. At present, it is a short-term oscillation center. On pullbacks, watch 7.67-7.60. As long as there is no heavy-volume decline in that range, longs can be attempted. Upward, watch the breakout at 7.83-7.88. To be prudent, it is still better to trade a 1,000-point swing. In the short term, there is still technical pullback risk!
The price has broken out, ETFs continue to attract funds, but the short term has already entered a high-level battleground zone
Looking at the chart first, it has been pulled up from around 6.22 to 7.95, with a very large increase in a short period of time. The dense trading zone around 7.45 in the early stage has already been strongly broken through. It is currently consolidating around 7.7, and the support after the breakout has been fairly good, with no obvious spike-and-pullback pattern
The capital flow is also biased bullish
Cumulative net inflows into spot ETFs have reached about 54.16 billion, with another roughly 308 million dollars of net inflows in a single day. In recent days, large amounts of funds have continued to enter, and institutional funds have not shown any obvious withdrawal
However, the short term should not be too optimistic. Contract and spot short-cycle data have shown some net outflows, and profit-taking has begun to appear around 7.8. The market is currently digesting selling pressure
Next, focus on the key support at 7.45, while 7.95-8 is the first strong resistance
As long as 7.45 ten-thousand does not break, the bullish structure remains intact
Buying the dip has the best risk-reward ratio. At present, it is a short-term oscillation center. On pullbacks, watch 7.67-7.60. As long as there is no heavy-volume decline in that range, longs can be attempted. Upward, watch the breakout at 7.83-7.88. To be prudent, it is still better to trade a 1,000-point swing. In the short term, there is still technical pullback risk!
