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Overbought at high levels, a crash is imminent!
After pushing Bitcoin to 76,000, it has been oscillating at high levels continuously, with bullish momentum completely exhausted, and a sharp decline is just around the corner!
From 70,456 all the way up to 76,000, a single-sided surge of over 5,000 points has accumulated a massive amount of profit-taking orders, which could be concentrated and dumped at any time.
After continuous rallying, overbought conditions are severe, and technical indicators signal a strong need for a pullback. Above 75,000 is an absolute high level; chasing longs now is like licking a knife edge.
The next strategy is very clear: rebound is a short opportunity, mainly shorting at high levels, with some long positions at low levels, waiting for the waterfall market to arrive!
Trading suggestion: short at the rebound in the 74,700-75,200 range, targeting 73,500, and if broken, look for a drop to 72,600!$BTC