$BTC Market Analysis:
Is the bull really back? The big cake has jumped $10,000 in a week; today it surged to 87247 and then pulled back. It is now consolidating around 86710. This move that started from 76500 has been quite well-structured.
Two days ago, at 85000 they tried a short entry. Once shorted, it dropped by only about $1,000. With protection attached, the trade basically broke even. Luckily protection was included; otherwise, when it surged to 87385 yesterday, that position would have been a loss. Trying to short at high levels is possible, but shorting without protection is basically handing money to the market.
Near 87000, there were consecutive surges followed by pullbacks, which shows that resistance in this area is still present. For now, the short term should be treated as high-level consolidation. Only if there is a valid breakout and it holds above 87000 do we have the right to keep looking toward 90000. If 87000 cannot be broken, then a pullback to 85000 is completely normal.
Be careful about chasing shorts. There is a high chance of a fake breakdown that lures shorts in, and then price will go on to test 90000. Be cautious when entering short positions!
Is the bull really back? The big cake has jumped $10,000 in a week; today it surged to 87247 and then pulled back. It is now consolidating around 86710. This move that started from 76500 has been quite well-structured.
Two days ago, at 85000 they tried a short entry. Once shorted, it dropped by only about $1,000. With protection attached, the trade basically broke even. Luckily protection was included; otherwise, when it surged to 87385 yesterday, that position would have been a loss. Trying to short at high levels is possible, but shorting without protection is basically handing money to the market.
Near 87000, there were consecutive surges followed by pullbacks, which shows that resistance in this area is still present. For now, the short term should be treated as high-level consolidation. Only if there is a valid breakout and it holds above 87000 do we have the right to keep looking toward 90000. If 87000 cannot be broken, then a pullback to 85000 is completely normal.
Be careful about chasing shorts. There is a high chance of a fake breakdown that lures shorts in, and then price will go on to test 90000. Be cautious when entering short positions!
