$BTC I posted an article yesterday, and due to the Bitcoin daily chart showing decreasing volume, I think Bitcoin needs to choose a direction. The likely breakout was above 80k, but it didn't break through. Later, when I responded in the comments, I also said that after breaking 80k, there should be a sharp decline, roughly down to around 73,800.


Why do I look for a bullish move first and then a bearish one? Mainly because Bitcoin at this level has been oscillating back and forth without breaking through. The continuous struggle above the MA7 causes the moving averages to bunch up. So, it needs a decline to retest the lower moving averages. By lower, I mean the daily MA25, or even the daily MA99. It should do a retest at this level.
These days, the market feels especially uncomfortable—rallying then dropping, dropping then rallying, with no clear direction. At this point, if Bitcoin undergoes a deep correction, it can help shake out some of the panic in the market, wash out the weak hands, and then rally again. This way, such phenomena won't happen again. The trading becomes relatively easier to operate.
The feeling I described is something you develop over time in this market. When you chase a rally, it drops; when you chase a dip, it rallies. This kind of market usually lasts a few days, and Bitcoin generally declines. I had this feeling last year, and I still do this year—it's the same. $BTC
BTC-2.19%
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