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$BTC Will the BTC keep going up?
Yesterday around 11 AM, I received messages from several friends asking me about my take on BTC. Over the past few days, the BTC price has been trending upward—has the bull market returned? While we’re setting up for short-term trades, we also need to consider BTC’s medium- to long-term trend and direction. From what we can see now, the bottom of BTC has been steadily rising. After studying the chart, I laid out the general direction and strategy for yesterday.
As expected, BTC moved to the relevant positions and followed the direction we discussed. We’ve always emphasized that the way to trade during this period is to use long positions as the main approach and short positions as a supplement. Yesterday, BTC dipped and hit the support at 62330, then started to rebound. So in yesterday’s strategy, I wrote that this level could be used to bet on long entries. From the current chart, if the bet is correct, risks and opportunities coexist—an eternal truth!
Next, let’s talk about where to place the short-side setup: short orders in the 63200—63800 range. During the early morning move, it reached 63450 and precisely touched the upper minor support level—which was also mentioned during yesterday’s livestream as “a small position.” After a downward move in the morning, it retraced by 800-900 points and dipped to around 62500. This retracement was also to build momentum for the upward move!
Another thing is that the US-Iran negotiations are scheduled for July 11, with the talks to be held in Pakistan. This is a very good bullish signal. Whether the market digests this development in advance or reacts on the day itself, it’s bullish!
The market isn’t very volatile over the weekend. So we’ll still be scalping. For the range we’re currently in, just look at the chart! I don’t want to draw one pattern here and another pattern there—on the square, a lot of people draw all kinds of flashy formations, and then come up with all sorts of theories, like the butterfly theory, wave theory. I just want to say that those are only part of the analysis. If you do it for long enough, you’ll learn them all.
So how should we trade next?
1. If this BTC pullback doesn’t break 62330, we can keep betting on long positions.
Left-side long layout: place long positions in the 61300-61800 range
2. Short layout: we’ll still keep the short setup in the 63200—63800 range.
Today’s orders must be executed and closed today—no overnight positions. Tomorrow is a brand-new start again!$BTC