$BTC Don't chase the highs, pay attention to these three levels:
【Today's Market Analysis - BTC - 11.7】
For educational purposes in technical analysis only, not as investment advice. Profit and loss are your own responsibility.
1. Daily Chart: You have to thank the bears who went all in short yesterday; they provided liquidity that pushed the price up, with the previous high reaching 76. The current price is consolidating around 75, because of a large bullish candle yesterday that created an FVG. Today, the daily chart is retracing to the FVG. As I said, don't guess the top in a bull market and don't short! From a liquidity standpoint, 765 is a temporary top, but you can't stop the bears; they will continue to contribute liquidity today. The more they contribute, the higher it will go. Of course, the price will also pull back. Three levels to watch: 743, 734, 723 are the three retracement levels. For spot trading, without a doubt, place orders at all three levels.
2. 4H: There is a slight divergence between volume and price; the large bullish candle at midnight had a bit low trading volume. Overall, still pay attention to retracement levels. Don’t chase the highs at market price, and don’t short!!! You might get lucky betting on shorts, but money earned by luck must be repaid with skill. If you act like a bear, it's hard for me to be friends with you.
3. 15min: Consolidating, waiting for the big bears to enter the market. Otherwise, there won't be enough fuel for liquidity. (What is the purpose of consolidation? It’s because liquidity is insufficient; waiting for one side to provide liquidity.) If the bears have enough liquidity, it will continue to rise; if not, the daily retracement levels will need to clean up a batch of bulls, and then after the bears enter on a large scale, it will continue to rise.
Intraday trading thought: Buy at the retracement levels, and don't do anything else. Don't short!!! Big bull, don’t be a victim!!!
