Directly look at the whale address section of the chart. The net inflow of a few hundred shares in the past two days is insignificant and doesn't indicate much. However, considering the price action, the lack of significant movement may be the reason why the price hasn't been able to effectively rise, essentially remaining in a stop-and-go state. After reaching the 76,000 level, it encountered resistance and fell back, entering a high-level consolidation phase.
So, for now, let's look at a downward correction.
Since we're expecting a downward correction, we only need to pay attention to one thing: We cannot accept a price break through the 75,000 level again. If the price rises instead of falling, it's very likely to launch another attack on the [76,000-77,000] range. As for whether there are higher levels? Not yet.
The preconditions have been given; let's look at the downward correction, with the initial target at the 73,000 level. If it effectively breaks below 73,000, then we'll look at the 72,000 level. That's all for now.
Yesterday and today, the "Thoughts" section also provided shorting strategies, specifically shorting around 74900 and 74300, both currently profitable. The advice here is to place small short positions on rallies, for example, within the price range of 74300-74500, which is the current resistance level.
Where can you go long? Around 73000 is hard to say. If the price reaches that level and stabilizes, you can try going long with a stop-loss order. My preferred entry point is around 72000. Of course, this opportunity may not materialize. If the price remains strong, the correction might end around 73000. This requires further observation.
Finally, in the larger picture, we are currently only encountering resistance, not the bulls are about to collapse. I believe there is still a good chance this month to reach 78000 or even 80000. Therefore, any significant downward correction presents an opportunity. Whether you're trading spot with leverage or altcoins, you can make a good profit from it, no matter the amount. #SEC Clarifies Crypto Asset Classification #Bitcoin Surpasses $75,000