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BTC surged to 81,500 yesterday, met resistance and fell back. Dragged down by the US stock market, it dropped below the 80,000 level. It is currently consolidating and ranging around 79,530. Remember: do not blindly chase shorts.
On a four-hour timeframe, bearish momentum continues to weaken. There is still room for a rebound and correction. Tonight’s Non-Farm Payrolls is the key turning point for the market.
Consider placing long positions around 79,200 as BTC pulls back, with a target of 84,000.
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