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This week started with an upward continuation, but it failed to hold its strength.
Yesterday, “second pancake” performed brilliantly; for a moment, I thought it would still see a wave of a fake breakout and touch the 2000 level.
But BTC kept trading sideways. With the “second pancake” fighting on its own, it was difficult to keep pushing higher, and in the end both were dragged down and fell back together.
A breakout move needs the leader to move in tandem. Since BTC couldn’t open up upside room, even if the “second pancake” was strong, it couldn’t carry the move alone.
The good news is that yesterday’s pace was fine—it’s just that I didn’t expect the shorts to be this strong.
This morning, BTC directly fell below the key 63800 level, and the “second pancake” followed with a pullback. Market sentiment weakened, and throughout the day price action continued to fluctuate within a narrow range.
Tonight, focus on the resistance levels 63800 / 1900.