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Market Outlook
The planned 60-61 range has been reached, and positions have been added.
Recent market views have remained accurate. First, after liquidating above $BTC 66, we proposed waiting for the 60-61 range. Then last night, the 60-61 range was reached as expected.
After reaching the 60-61 range, the market dipped slightly to 59120, breaking a new low, then recovered. It has now V-recovered to around 61200.
Although the chart suggested that a new low would invalidate the thesis, the slight dip below followed by a V-recovery constitutes an SFP (Sweep Failure Pattern), meaning the thesis (expectation of a 60-68 range) is not invalidated.
In the day-before-yesterday's view, I mentioned adding long positions at 60600, and I have followed the plan to add. This brings the average cost down to around 61, and now the average price is back above the cost basis.
The most favorable scenario is a V-recovery from here and a move to the 68000 line. This would yield substantial profit on our long positions and allow us to exit at the top around 68000, then wait for the market to return to the 60-61 range at the bottom.
Within the range, this approach can be maintained until a breakout below occurs.
Sponsored by #BCGAME |@bcgame @bcgamecoin