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Where is Bitcoin's layout?
After closing the weekly chart on Monday, Bitcoin dropped over 2,000 points within a few hours. For the recent slow-paced market, this is a relatively large fluctuation. Usually, such a situation indicates some news has emerged. I won't delve into the news aspect too much because if everyone could grasp the news or knew it in advance, it wouldn't be considered real news. Getting back on track, let's start from the structure.
Bitcoin's highest price was 79,485, right at the upper band of the Bollinger Bands, and it pulled back under pressure. The RSI on the daily chart formed a bearish divergence. The last time a daily top was formed, it triggered a slow correction of 2,200 points, and this time, it has already dropped 2,000 points.
From the price action perspective, this high just broke the previous high, creating liquidity clearance. After the clearance, it rapidly fell, leaving no chance for a short position at high levels. So subconsciously, one might think that the daily structure's correction isn't over yet and could continue for several days.
So, how should the next operations be carried out?
Buy at 76,800, stop loss at 76,200, first take profit at 77,500, second take profit at 78,100.
Short at 78,300, stop loss at 79,500, take profit at 76,800. $BTC #比特币突破7.9万美元 $BTC