After BTC initially deeply dipped to a low near 61,830, it quickly reversed and surged, rising strongly all the way up, with a peak reaching around 65,110. Current price is slightly retracing and consolidating at the 65,000 level. The Bollinger Bands are opening upward, the channel is fully opened, and the moving averages have supported the price throughout its advance. The MACD red histogram remains at a high level with expanding volume, indicating a strong bullish momentum. After surging to a high, there is only a brief pause and mild consolidation, with no signs of a bearish reversal.

Short-term outlook:

If the pullback stabilizes around the Bollinger middle band near 63,600, that would be a more prudent setup to go long. Put the defense level at 63,000. For upside targets, first look at 65,000. Given the rapid breakout, the next area to watch is around 65,600 near the Bollinger upper band.

If the rally pushes up and comes close to the 65,600 upper band area, and the K-line closes with a long upper wick indicating a stalled spike, then a pullback is expected, targeting a retest of 64,500 and the 63,600 support. #BTC