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BTC has not broken through 67,500 twice, will it go to 68,000 later?
Yesterday, BTC dropped to 65,600 and then started to rebound, but the second rebound did not break through 67,000, let alone reach 68,000, so after we took profit on our long position yesterday, we reversed and opened a short at 66,500, which we are still holding.
Based on this trend, will BTC continue to rise? Is 67,200 the top of this rebound, and will it go to 68,000 later?
First, regarding the current structure, BTC is following a oscillating downward pattern, but the four-hour bullish structure has not been broken.
The low point at 63,600 has not been breached. If it breaks below 63,600, then we will consider the bullish structure broken.
So I personally lean towards expecting BTC to first see a pullback.
Where will it pull back to? The first target is the area around 64,000-65,000, which I have been mentioning.
If it pulls back to this area and finds support, I will still consider going long.
Why this area? Because during the rise, BTC formed a large bullish candle that left a gap.
I think after filling this gap, it might continue to rise.
The upper edge of this gap is around 65,000, and the lower edge is around 64,000.
So I believe it might fill the gap and then go higher, with the target still at 68,000.