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$BTC Currently around 72,230 USDT. Do you think we should keep pushing higher, or is it about time for a pullback?
If I had to give a conclusion, I would lean more towards: after a rally, first do a shakeout.
Here's my main reasoning:
First, the continuation after a rally is usually weak, and chasing long positions can lead to awkward entry points.
Second, the buying momentum isn't strong enough; there's still a lack of upward momentum for a breakout.
To add, a waterfall pattern should quickly make new lows; if it doesn't fall fast, it's not a strong waterfall.
The entry point I’ll be watching: 72,780 USDT.
The take-profit level to watch first: 68,448 USDT.
The point where I should exit if wrong: 74,513 USDT.
But the biggest risk at this level is that the bears haven't gained momentum yet and get squeezed out early.