7.2 Evening Thoughts

Recently, the market leader has been oscillating back and forth, washing out long and short liquidity, with volatility continuing to rise. The market will soon choose a directional move, with close attention paid to the impact of the 20:30 non-farm payroll data release this evening.

The current trend is forming a descending wedge pattern, with a high probability of an upward breakout overall. However, caution is needed as bearish non-farm data could trigger a short-term downward wick and retracement washout.

The key intraday support level is locked at 59,200. Holding this price confirms that 57,700 is the bottom low of this phase; if 59,200 is effectively broken, the market is likely to descend to around 57,500 for a second bottom test before rallying again.

Suggestion:
For the leader, short on resistance at 61,500 and 62,000, target 59,200 and 59,700.

For the second, short on resistance at 1,650 and 1,680, target 1,580 and 1,550.

$BTC