$BTC
First, let's discuss the larger timeframe:
Structurally speaking,
Based on the expected ABC structure of the pullback that started around 97 in January, the target is around 55-52.
On the weekly chart, it's a weekly-level consolidation, or rather, a weekly correction. The 74-76 range is also the neckline of this bull market (as important as the weekly trendline around 76!).
Therefore, in the larger timeframe, our entry around 6 is still valid, and adding to positions starting at 55 should still be strictly followed.
Failure to recover 76 doesn't constitute a trend reversal.
Recent short-term view: Chart 2
This range is as important as the 97 area; even if we're wrong, we'll actively take the hit.
Last week, we used 658 as the starting point for the upward move; this week, it's 693. Above this, the target is around 76. Below, we wait for a return to the lower edge of the range. Therefore, the lower support levels at 6.6 and 6.45 are good entry points for trading.
Strategy Summary:
Cyclical positioning: Start building spot positions in batches from 6, with entry points at 6, 5.5, 5, and 4.2 (For positions established in February, do not add to these levels unless a new low is reached or a right-side structure forms after 76).
These key levels are suitable for trading larger-cycle contracts, except around 6 for right-side trading.
Short-term:
Resistance: 7.45 (This level is not new; avoid trading near this level unless it's a right-side move) 7.65
Support: 693, 6.6, 6.4
Trade at these levels.
Also, do not follow the example of the recent trend of blindly trading without identifying signals.