If BTC breaks through 86,000 as scheduled, will it continue to rise afterward?
A few days ago, when a large bullish candle broke above 81,000, I repeatedly reminded everyone in multiple posts: once it holds steady in the 82,200–82,800 range, it would be heading for 86,000. As it turned out, yesterday a bullish candle directly broke above 82,800. That original level was supposed to be a good resistance point, but it didn’t stay there even briefly—it just pushed up right away. We closed our longs at 82,400. It’s a bit regrettable; I originally thought it would retrace around 82,800, but it didn’t—it just kept going up like this.
BTC is indeed extremely strong. In one go it reached 87,300—an increase of about 5,000–6,000 USD. The 68,000 level we used to watch probably won’t come again. Following this pace, it’s basically already confirmed as an early bull phase. So when BTC has risen to 87,300, will it keep climbing, or will it pull back?
First of all, I believe the bigger direction is still up. Right now, we haven’t seen any signs of weakness, and we also haven’t seen any high-volume big bearish candles. So I think it will continue to rise. The next target is around 89,000.
However, don’t chase a long at that point. Since BTC may pull back from the 87,300 area, for the retracement we can watch around 83,000–84,000. If it pulls back to 83,000–84,000 and shows signs of stopping the decline, then I think it would be a good time to take another long position from the rebound, with the long-side target around 89,000.
A few days ago, when a large bullish candle broke above 81,000, I repeatedly reminded everyone in multiple posts: once it holds steady in the 82,200–82,800 range, it would be heading for 86,000. As it turned out, yesterday a bullish candle directly broke above 82,800. That original level was supposed to be a good resistance point, but it didn’t stay there even briefly—it just pushed up right away. We closed our longs at 82,400. It’s a bit regrettable; I originally thought it would retrace around 82,800, but it didn’t—it just kept going up like this.
BTC is indeed extremely strong. In one go it reached 87,300—an increase of about 5,000–6,000 USD. The 68,000 level we used to watch probably won’t come again. Following this pace, it’s basically already confirmed as an early bull phase. So when BTC has risen to 87,300, will it keep climbing, or will it pull back?
First of all, I believe the bigger direction is still up. Right now, we haven’t seen any signs of weakness, and we also haven’t seen any high-volume big bearish candles. So I think it will continue to rise. The next target is around 89,000.
However, don’t chase a long at that point. Since BTC may pull back from the 87,300 area, for the retracement we can watch around 83,000–84,000. If it pulls back to 83,000–84,000 and shows signs of stopping the decline, then I think it would be a good time to take another long position from the rebound, with the long-side target around 89,000.
