8.25 Morning Market Overview: BTC Pullback to Go Long, Follow the Trend
This morning, BTC closed with a long lower wick and an upward-bodied candle; bulls and bears have been battling around the 80k (8W) level.
BTC formed a W double-bottom structure at 7.65, completing a rebound; however, after multiple failed touches of the 80k (8W) level, will it form an M double-top pullback structure at the 7.99 high?
The Fibonacci 0.618 point from the low to the high aligns perfectly with support at 7.78, creating a two-point resonance and confirming the support is valid.
If the price indeed forms the M-top structure, the market will pull back to 7.78, then rebound up to the high at 7.99.
Of course, all of this is based on the assumption that BTC will not break above 80k; it will top out, pull back, and then bounce again from support. If it breaks through, then everything changes.
Actually, right now neither chasing longs nor taking shorts is suitable. If you can’t read the market, the best option is to stay in cash and wait. I choose to stay sidelined/observe for now, either for BTC or by switching to a different channel—I'll make a decision after looking at a trading pair that I'm familiar with.
If you pass by, please like, comment, and follow—it's my biggest support. Thank you and I appreciate it. The information above is for chart analysis only and not for executing trades;
Follow me so you won’t get lost—every day I’ll bring you the latest information, newest developments, and price-level analysis. And for the wealth code you want—remember to follow, like, and tap the heart! #BTC触及80000美元 $BTC
This morning, BTC closed with a long lower wick and an upward-bodied candle; bulls and bears have been battling around the 80k (8W) level.
BTC formed a W double-bottom structure at 7.65, completing a rebound; however, after multiple failed touches of the 80k (8W) level, will it form an M double-top pullback structure at the 7.99 high?
The Fibonacci 0.618 point from the low to the high aligns perfectly with support at 7.78, creating a two-point resonance and confirming the support is valid.
If the price indeed forms the M-top structure, the market will pull back to 7.78, then rebound up to the high at 7.99.
Of course, all of this is based on the assumption that BTC will not break above 80k; it will top out, pull back, and then bounce again from support. If it breaks through, then everything changes.
Actually, right now neither chasing longs nor taking shorts is suitable. If you can’t read the market, the best option is to stay in cash and wait. I choose to stay sidelined/observe for now, either for BTC or by switching to a different channel—I'll make a decision after looking at a trading pair that I'm familiar with.
If you pass by, please like, comment, and follow—it's my biggest support. Thank you and I appreciate it. The information above is for chart analysis only and not for executing trades;
Follow me so you won’t get lost—every day I’ll bring you the latest information, newest developments, and price-level analysis. And for the wealth code you want—remember to follow, like, and tap the heart! #BTC触及80000美元 $BTC
