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Tuesday Morning Bitcoin (BTC) Latest Strategy for Week 4.7
Yesterday, Bitcoin attempted to break above 700 for the second time but failed to extend further. In the early hours, after rising to around 703, it continued to decline, with the lowest around 682. Last night, a short position was taken near 700, and all the patience at this moment should now be released.
Currently, although the bulls and bears seem to be fiercely contesting, the price remains within the range. Resistance is at 703, support at 680. As long as this range cannot be effectively broken, it remains a sideways consolidation.
On the four-hour chart, after last weekend's oscillation and adjustment, the bulls have been pushing upward. Although the short-term bullish momentum is strong, it has not yet extended. The current solid bearish candle has completely broken the upward trend by retracing. Today, focus on the 680 level; if it holds, consider going long in this area. If broken, then wait and see.
In the morning, consider a long position near 682, targeting around 700. If it fails to extend upward, switch to a short position.