The most intuitive performance of this rebound for me is that it's too weak.
Originally, the rebound target was set at 11.55k-11.62k, but when I woke up this morning, I saw that the market was still maintaining around 11.4k. The funding heat is not as strong as before, and we still need to pay attention to the strong support at 11.16k in the short term.
The buying power in the $btc futures market is too weak. Once there’s any sign of trouble, these users will be the first to flee. In the past few days, the selling of ETFs has directly pushed the price back down to 11.3k.
From the daily chart, after BTC broke the new high, it has been on a downward trend without any buffer zone. The goal of the bears is simple: to make the longs give back all their profits. Retail investors are caught in a cycle of going long when they should be going short and going short when they should be going long.
If this week doesn’t end well, the weekly K-line will form a double top, which is a significant double top. To digest this double top, at least a month of consolidation is needed. Coincidentally, this month will also coincide with the time the Federal Reserve announces interest rates.
I hope the bulls can hold the 11.1k position this week.
17.11K
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