Still nothing to look forward to, with the high-level consolidation continuing. After rising to around 64,500 in the morning, there was no follow-up, and the price has continued to swing back and forth around the highs, while its trading range has also been continuously compressed. Regarding the current market structure, Zhuo Wei already advised everyone to follow up and short when the market made its second attempt near 64,500 in the morning. Several attempts to push higher have all failed, so there is no doubt that the overhead resistance is strong. The short-term rebound has peaked, and shorting is the main theme. The trend is not difficult to judge; the difficult part is enduring the fluctuations, holding your position, and staying in the trade long enough to reap the rewards.
Market sentiment is still in the probing phase, rebound volume continues to contract, and bearish sentiment is surging. On the four-hour chart, the market has failed several times to test the upper band, forming dense upper wicks above. The continuation of the bullish rebound has come under strong pressure, while market volume continues to turn bearish and build momentum. Regarding the MACD indicator, the bullish bars have begun to decline, and the market is clearly turning bearish, further confirming the need for a pullback. Combined with the previous break below 64,500, dense positions have accumulated at this level. If the short-term rebound cannot break through this resistance, then a pullback will undoubtedly follow naturally.
BTC downside target: 63,300; on a breakout, 62,500
ETH downside target: 1,830
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