BTC just had a strong increase overnight before entering the Asian session with decent volume on the 4H frame, forming a fairly strong green daily candle and a weekly candle with little wicks. Is this a move to paint the chart by whales to push the buying FOMO? In terms of the RSI indicator on the daily frame, it is still quite strong, ema21 is trending upwards, temporarily supporting the upward direction. However, the 74k mark has not yet been broken, so this area remains an important resistance.
⏱️ In the 4H frame, the last bullish candle of the session had relatively good strength, so it’s not advisable to short right away. The upward wave structure is still intact, possibly nearing the end of wave 5 of the upward movement, so the termination signal is not yet clear.
Short-term liquidity is currently at 74k → the nearest resistance area is around the recent peak where sellers may continue to defend.
🎯 Trigger / Trade Idea
The current price area is likely to be a battleground between the two sides, so it is advisable not to rush, and to wait until after the Asian session for clearer price action.
Short setup: wait for the 4H frame to establish a clear peak confirming the end of the upward wave with supporting indicators.
Long setup: wait for a consolidation phase, gradually tightening around the 74k mark to build momentum and breakout with high volume, avoiding a fake breakout.