BTC
Let's recap. The long position from yesterday was break-even~ It subsequently broke below 7.48 and began to rebound after hitting the acceleration line and the resonance support level at 7.36.
The recent cycle view remains unchanged: we will first push up once more to above 7.8 to seize liquidity before starting a one-sided decline.
Back to the market. The intraday resistance above is at 7.62; a breakthrough here could allow for a right-side entry.
The subsequent resistance is at 7.7/7.87
Support below at 7.36. This level of support has been effective multiple times. Therefore, we can't go long on the left side~ We can only wait for a break and a reclaim to go long.
Moreover, I am more inclined to enter a short position on the right side when such support breaks!
Just wanted to bring up the US500 stocks again. Right now, the neckline level is at 7018. When it dips back, there's a high likelihood we could see a sizable pullback. Given the positive correlation between crypto and US stocks, it's definitely something you guys should keep an eye on~
