From observing the short-term trend, this surge after midnight appears to be a strong breakout, but is more widely seen as “liquidity baiting” after a sharp spike.
Notably, on the 30-minute timeframe the price has severely pierced through the upper Bollinger Band, and the KDJ indicator’s J value is as high as 97, entering the overbought dulling zone. It’s expected that after the market tests the resistance around 66,000, it will complete the “double-top” formation, and then start a corrective pullback toward the mid-band.
Trading ideas:
BTC: On the rebound around 65,900–66,400, do sell on rallies (箜), targets around 64,400–63,900
ETH: On the rebound around 1,925–1,950, do sell on rallies (箜), targets around 1,860–1,820 #GUSD年化升至3.8% $BTC $ETH

BTC1.26%

ETH0.58%

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VolStopMaster

· 07-20 19:56

They keep saying “this is a pump-and-dump to lure traders”—can you use a different term? That said, the indicators are indeed getting dulled; try with a small position.

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OnChainMicroscope

· 07-20 19:28

From a technical perspective on the 30-minute chart, the Bollinger upper band has been pierced and the KDJ has entered overbought territory. It really does look like an intentional bull-trap designed to lure buyers, but you should also watch out for the unlikely scenario of a genuine breakout. That said, it will most likely retrace back to the middle band; if you short, set your stop-loss at the high point.

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PepeAnalyst

· 07-20 19:22

This sharp surge looks highly suspicious for luring people to go long. Wait for a pullback to short.

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NFTArchaeologist

· 07-20 19:21

That makes sense. After a sharp rise, it often gets corrected, but I didn’t get in. Hopefully it’ll be the right time.

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NightLister

· 07-20 18:07

In the early hours, the indicators surged sharply into a bearish divergence at the top. If the 66,000 resistance level can’t be broken, that’s a short setup opportunity—here’s the strategy.

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