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Bitcoin quickly pulled back after a short-term small-level spike, indicating that the buying support below is still quite strong. Therefore, the market is very likely to attempt to go higher again and test a new high.
From the current chart, although some technical indicators are already showing signs of divergence, the overall price is still moving upward. This is the power of the trend; before it truly reverses, it’s not advisable to act prematurely in the opposite direction.
Brother Niu’s plan is to place a short order around 76,800 when the price reaches that level. This position is at the upper edge of the current upward channel and is a potential technical resistance level. The previously set entry point has been slightly adjusted and now is set here.
This position is a left-side attempt to catch a pullback; if the price can effectively reach this level and show signs of stagnation, it will be a good shorting opportunity. Of course, everything still depends on the actual market reaction. $BTC