Phemex Analysis #82: BTC Breaking the $110,000 All-Time-High!Bitcoin ( PHEMEX:BTCUSDT.P ) has reached a new all-time high, surpassing $111,000, driven by strong institutional inflows, regulatory clarity, and macroeconomic factors. This surge follows our previous analysis , where we anticipated a potential breakout above the $105,000 mark. The current rally is fueled by increased demand from institutional investors, favorable regulatory developments, and concerns over traditional financial markets.
Possible Scenarios
1. Testing $120,000
With momentum on its side, Bitcoin could aim for the next psychological resistance at $120,000. Institutional interest, as evidenced by significant ETF inflows and corporate investments, supports this bullish outlook. Technical indicators, such as the "golden cross" pattern, also suggest continued upward momentum.
Pro Tips:
Monitor trading volume and market sentiment for signs of sustained bullishness.
Set stop-loss orders to protect against sudden reversals.
2. Rejection and Retest of $100,000 Support
After reaching new highs, Bitcoin may experience a pullback to test the $100,000 support level. This consolidation could be a healthy correction before the next leg up.
Pro Tips:
Watch for buying opportunities near the $100,000 support zone.
Be cautious of false breakouts and wait for confirmation before entering new positions.
3. Bearish Reversal Due to U.S. Treasury Bonds News
Rising U.S. Treasury yields and fiscal concerns have led to increased volatility in traditional markets. A significant shift in investor sentiment could trigger a bearish reversal in Bitcoin's price.
Pro Tips:
Stay informed about macroeconomic developments, particularly U.S. fiscal policies and bond market movements.
Long-Term Accumulation: For investors with a longer-term perspective, significant price dips near lower supports—such as $92750, $83000, or even $66810—could represent attractive opportunities to accumulate BTC at discounted valuations.
Conclusion
Bitcoin's recent surge past $110,000 marks a significant milestone, reflecting growing institutional adoption and favorable market conditions. While the bullish trend may continue, traders should remain vigilant and prepared for potential corrections or reversals influenced by macroeconomic factors. Employing sound trading strategies and staying informed will be key to navigating the evolving landscape of Bitcoin's price movements.
Pro Tips:
Armed Your Trading Arsenal with advanced tools like multiple watchlists, basket orders, and real-time strategy adjustments at Phemex. Our USDT-based scaled orders give you precise control over your risk, while iceberg orders provide stealthy execution.
Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
Cryptocurrency
BTC HTF ThoughtsChart from end of Dec/early Jan. Idea back then was that the top is in, and we'll revisit at least 51.5 levels. IMO low will be between 41.5-32.5, with potential to reach 23s.
However, it won't happen in one day and it's finally at prices i want to scale in and hold for the next weeks/months incase i'm wrong with the macro idea.
I'm a buyer between 74-62, levels in between are 72, 69, 65 and 62.
TradeCityPro | BCHUSDT Bitcoin Fork Ready to Hit New Highs?👋 Welcome to TradeCityPro Channel!
Let’s dive in and analyze the Bitcoin fork, BCH, to understand why this altcoin is performing much better than the broader market and is being supported at higher levels.
🌐 Overview Bitcoin
Before starting the analysis, I want to remind you again that we moved the Bitcoin analysis section from the analysis section to a separate analysis at your request, so that we can discuss the status of Bitcoin in more detail every day and analyze its charts and dominances together.
This is the general analysis of Bitcoin dominance, which we promised you in the analysis to analyze separately and analyze it for you in longer time frames.
📊 Weekly Time Frame
In the weekly time frame, we see that BCH is in a much better position compared to other altcoins and continues to form higher highs and higher lows!
After hitting the 707 resistance and getting rejected, we’ve been ranging in a large box. However, it’s fair to say that buyers have the upper hand in this box because, after touching the critical 268 support, we engulfed the previous three weekly candles and experienced a sharp move up to 424.
Currently, we’re at a critical point: we could either form a lower high relative to the previous resistance or undergo a mid-term correction and re-enter after breaking 424!
📉 Daily Time Frame
In the daily time frame, the situation is similarly favorable, and BCH is continuing its trend with good momentum. The formation of higher highs and higher lows provides a sense of calm to the uptrend.
After the heavy decline in February, it was natural for us to enter a ranging period before forming a new structure. This happened, and after retesting the 268 support, we started forming higher highs and lows, with our first entry at the 345 level.
Currently, after a rejection from 435, we’ve corrected to 386, which was a low-volume move, technically considered a pullback. If we see a supportive candle at this level, it’s a trigger for a buy, and breaking 435 will be the next trigger!
✍️ Final Thoughts
Stay level headed, trade with precision, and let’s capitalize on the market’s top opportunities!
This is our analysis, not financial advice always do your own research.
What do you think? Share your ideas below and pass this along to friends! ❤️
IOTAUSD Channel Up eyes +45% bullish leg.IOTAUSD is trading inside a Channel Up, which is the bullish pattern that took it above its 5 month Falling Resistance, essentially the trade war correction.
The 1day MA50 is providing support and the 1day MA200 is already broken, which signals bullish extension.
The Channel's previous bullish leg recorded +45%, so go long and target 0.31000.
Follow us, like the idea and leave a comment below!!
SANDUSD targeting the 1day MA200 at 0.42000Sandbox / SANDUSD has entered a Channel Up structure ever since it double bottomed on Support A and crossed above the Falling Resistance.
Now it's supported by the 1day MA50 and is aiming at a new Higher High on the 1day MA200.
Target 0.42000
Follow us, like the idea and leave a comment below!!
XRPUSD Bull Flag broken. Can it go x10 from here?XRPUSD has broken above its Bull Flag, which has been the corrective pattern of the Trade War since January's High.
At the same time a 1day Golden Cross is being formed and if we get the same rally that was followed after the recent U.S. elections, the price may hit the 2.0 Fibonacci extension.
This represents a bold x10 move from here with a $23 target. Do you think that's plausible for this Cycle?
Follow us, like the idea and leave a comment below!!
Bitcoin - Do Or DieThis is the spot where things either get spicy or go limp. If we see weakness here — same old chop, same range, nothing to see.
But if Bitcoin punches through this zone with conviction, we’re looking at some serious upside. Targets are mapped, and the path is clear if bulls step up.
No breakout? Don’t expect fireworks.
Breakout? Strap in.
This is a decisive moment
BTC- crash is coming? Most likely no)In its best traditions, bitcoin in one impulse reached the monthly target 95000, which I wrote about
The probability of a correction to set a higher low in the equilibrium area of the range is increasing.
Probably in May the crypto market will have to pass the last stability test, in case of success we will get excellent opportunities for spot and speculative positions before the next cyclical growth spiral.
For now have to wait for weekly open but there are 2 options:
pump till PWH and then move on correction
slow bleeding till 0.5 or mb till 83k in worst case and then pump to ATH
ULTIMA SHOWS SAME PATTERN AS BTC BEFORE EXPLOAD TO THE 100K🔥 Ultima has formed a bullish descending flag pattern on the daily chart. The same pattern led BTC to an explosive rise to $100,000 at the end of the previous year.
This pattern is historically a correction in a bullish trend and breaks to the upside, continuing the rise.
Ultima has been one of the strongest technologically backed tokens this cycle . The token has risen in value by over 1000% from its low in the summer and now, having set a new atx, is consolidating under it, gaining strength for the next momentum.
Last weekend was a strong shakeout for leveraged traders and the price corrected to key support at $15,000. And on top of that, a FVG (Fair Value Gap) formed above, which 99% of the time closes sooner or later.
⚙️ Metrics and indicators:
RSI - hit 16.9, which historically signifies an oversold zone and leads to at least a short-term bounce. The last time the RSI reached these levels, Ultima's price rose 469% in 2 months.
MACD - after a prolonged decline, is now approaching to converge and give a bullish cross section, historically signifying a return to an uptrend.
EMA - price has reached the 200 EMA level on the daily chart and is trying to consolidate above, as we all know, the first test of the 200 EMA in a bull market usually leads to explosive buy impulses.
Volume - the entire correction took place over the weekend on lower volumes, dropping gamblers with shoulders. Major buying followed as early as the weekdays with many times the volume.
🌐 Fundamental:
Ultima is a strong project with a good background in the form of a strong dev and marketing team. The token made it to the top 200 CMC in no time. Holds events all over the world and participates itself, presenting really good products like cryptocard.
And the freshly launched in April, trading bot has increased the trading volume of the token many times, which is perfectly visible on the chart. I think many traders were actively shorting at this time, because despite the huge volumes of buyers, there were no strong upward impulses, so now there is a lot of liquidity at the top. And as we know, the price of an asset moves from liquidity to liquidity, it is its fuel.
📌 Conclusion:
The token is now clearly undervalued by the market by all metrics and technical analysis. So it is expected at least a technical bounce, which it has already started by the way, to close the GAP in the range of $15,357 - $20,240.
I have gained a spot position in the support zone of $13,100 - $14,814, with an average entry price of $13,560 and expect at least a return to the listing peak level, at about $18,959, a consolidation above which would probably mean a new ATH.
BITCOIN Ultimate Cycle Zones breakdown! See when to sell!Bitcoin (BTCUSD) is extending its amazing rebound on its 1W MA50 (blue trend-line), having recovered all of the losses sustained following the U.S. - Chine Trade War. Based on this Cycle's pattern, this 1W MA50 rebound is technically the new Bullish Leg, essentially its 4th of this Cycle.
Among all this, we managed to identify another cyclical pattern, separating the Cycle in terms of Activity Zones:
Naturally its very bottom is what we call the 'Best Buy Zone' (green), where BTC's earliest and most optimal buy opportunities existed. That ranges within the 0.0 and 1.0 Fibonacci levels.
Above that it's the 'Final Buy Zone' (yellow) where in relative efficieny terms, the last long-term buy opportunities existed. That Zone consists of the 1.0 and 2.0 Fibonacci levels.
Third in line is the 'First TP Zone' (orange) where long-term investors who seek lower risk, can start taking profit on their positions. The range on that is the 2.0 - 3.0 Fibonacci levels.
Lastly it's the 'Fina TP Zone' (red) where obviously it is the last opportunity (and with the greatest return but also elevated risk) to take profits before the Cycle prices its Top. This consists of the 3.0 - 4.0 Fibonacci range.
As you may have noticed, each Zone has a .618 interval (highlighted in blue). Zone 1 has the 0.618 Fib, Zone 2 the 1.618 Fib, Zone 3 the 2.618 Fib and one 4 the 3.618 Fib. This is where (so far) the price has made a first consolidation - correction after the start of the new Bullish Leg and before it gets completed at the top Fib. The last such consolidation was from mid December 2024 to late January 2025 and as you see those tend to be significant marks.
This model shows that the current Bullish Leg should prepare us for the Final TP Zone and its first stop is the 3.0 Fib at $135k. This is the bottom of the Final TP Zone and the first region that long-term investors should consider taking profits. The key 3.618 Fib extension is at $210k and in our opinion is the absolute max level we should look to sell all positions as chronologically Cycle wise the trend falls there towards the end of the year, which is where all Cycles topped. A 4.0 Fib test is highly unlikely to take place within this Cycle, unless macroeconomic fundamentals (extreme adoption and/or monetary intervention) kick in and that sits at $280k.
But what do you think? Do you agree with this Zones break-down and if yes are you considering taking profits at 135000? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
Phemex Analysis #82: Pro Tips for Trading Dogecoin (DOGE)Dogecoin (DOGE), once known primarily as a playful meme token, has proven it can produce substantial market movements, drawing significant attention from traders and investors. Notably, in October 2024, DOGE made headlines with a stunning 500% rally, soaring from $0.11 to a peak of $0.48. Yet, as swiftly as it surged, Dogecoin experienced a sharp reversal, dropping nearly 70% to its current price around $0.15.
Recently, technical indicators have hinted at potential opportunities. On March 11, DOGE's price dipped below the level seen on February 28, yet the Relative Strength Index (RSI) remained steady, creating a bullish divergence—often signaling a potential reversal. But before traders jump in, let’s carefully examine a few possible scenarios using key support and resistance levels as a roadmap.
Possible Scenarios
1. Bullish Reversal
The RSI divergence observed on the daily chart suggests decreasing selling momentum, hinting at a possible bullish reversal. If DOGE manages to break decisively above nearby resistance levels, renewed buying interest could emerge, pushing the price higher.
Pro Tips:
Entry Strategy: Look for a confirmed breakout above the key resistance zones of $0.261 and $0.286, ideally accompanied by increased trading volume.
Risk Management: To mitigate risk, set stop-loss orders below the recent support level of $0.21, ensuring you’re protected if the anticipated reversal fails.
2. Consolidation Phase
Following substantial price moves, DOGE may enter a period of sideways trading as the market consolidates gains or losses. During this phase, the price could oscillate within a defined range, offering opportunities for both traders and long-term investors to accumulate strategically.
Pro Tips:
Identify Key Levels: Closely monitor the key support at $0.21 and resistance around $0.261 to effectively execute range-based trading strategies.
Utilize Grid Bots: Due to lower volatility during consolidation, deploying grid trading bots can help systematically capture profits from minor price fluctuations.
3. Continued Downtrend
Despite recent positive signals, Dogecoin remains susceptible to broader market conditions. If DOGE breaks below the critical support at $0.21, bearish sentiment could intensify, resulting in further price declines toward lower support levels.
Pro Tips:
Short Positions: Advanced traders may consider short-selling DOGE below key support levels, profiting from continued downward pressure while maintaining a clearly defined exit strategy.
Long-Term Accumulation: For investors with a longer-term perspective, significant price dips near lower supports—such as $0.164, $0.15, or even $0.13—could represent attractive opportunities to accumulate DOGE at discounted valuations.
Conclusion
Dogecoin’s volatility continues to present unique trading opportunities alongside considerable risks. Traders must carefully analyze technical indicators like RSI divergences and closely monitor market sentiment and broader crypto trends. By understanding the scenarios outlined above, employing disciplined risk management, and remaining patient during market fluctuations, traders can confidently navigate DOGE’s price movements, positioning themselves strategically for potential rewards.
Pro Tips:
Armed Your Trading Arsenal with advanced tools like multiple watchlists, basket orders, and real-time strategy adjustments at Phemex. Our USDT-based scaled orders give you precise control over your risk, while iceberg orders provide stealthy execution.
Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
Pi network is in the sistem progress development?Refering to the latest Consensus2025 at Toronto, most of Pi pioneers are disapointed on what happend. What the pioneers expecting is a sudden fly high price up to the sky or moon. But that still not yet happen. But when looking at Dr. Nickolas the way he walk in and sit, he show a high confident body language. He knowing what is he doing and what next.
After listening to the discussion, the number of peoples attend, who is coming, what are they discuss for. I see Pi is a diamond in the dust, hiding in the dust just waitting to be taken and to be polish. The two important key people attend is Eric Trump and Robert Hines. Eric is the important key role in Trump's family in running the family business.
This time the President Trump sending his best man from the The White House, Robert Hines to see and colecting data for their next steps. Why Robert Hines? Here some facts..
Robert Hines is the Executive Director of the President’s Council of Advisors for Digital Assets at the White House, where he leads efforts to develop and coordinate national policy on digital asset innovation, regulation, and emerging financial technologies. A graduate of Yale University and Wake Forest University School of Law, Hines brings a strong foundation in law, policy, and political strategy to his role. Prior to his work in the administration, he was active in national politics and continues to be a key voice on issues at the intersection of technology, regulation, and U.S. economic competitiveness.
For sure the President aware about this Pi Network now.
And lots of great people are coming to this massive event, and what we don't know is they are now busy working with the Pi Network system, into merge something new and astonishing.
Think about this :
1.Crypto + blockchain = OLD Cryptocurrencies (Slow)
2.Crypto + Blockchain + Web3 + Ai = Pi Network / Enhance cryptocurrencies. (Fast)
Seems that the crypto also need an upgrades.
ETHUSD: Consolidation before the Megaphone targets 4,100Ethereum is on a strong bullish 1D technical outlook (RSI = 63.675, MACD = 190.470, ADX = 31.885) despite the current technical pullback which is happening due to the rejection on the 1D MA200. Once crossed, we expect a test of the Megaphone's top (TP = 4,100).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
BTCUSD: Going for the decisive breakout that opens path to 155,0Bitcoin is almost overbought on its 1D technical outlook (RSI = 69.391, MACD = 3884.400, ADX = 20.801), which during rallies is the starting condition that fuels bullish breakouts and continuations. Such a breakout is about to take place right now as the price is on the LH trendline coming from the ATH. As this chart shows, once Bitcoin breaks over a LH trendline on this Cycle, it has always delivered (much) more upside. Assuming we are currently on the 0.5 Fibonacci level of that breakout, the pattern gives a TP = 155,000.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
BITCOIN This Cycle's peak zone is $150k - $200k.Bitcoin (BTCUSD) is extending its gains week after week since the April 07 bottom on the 1W MA50, which as we've analyzed extensively its a new Higher Low launchpad for the new (current) Bullish Leg, the way it's been consistently doing on the Higher Lows trend-line since the start of this Bull Cycle.
It's in fact the very same Higher Lows trend-line it had during both previous Cycles, which ended up peaking on the Logarithmic Growth Curve's (LGC) top 2 zones (red), breaking also above the 2 SD above band (orange) of the Mayer Multiple Bands (MMB).
This time the price has 'only' broken above the 1 SD MMB (grey), while having breached into just the lower pink LGC zone. This highlights the theory of Diminishing Returns but at the same time also shows the strong upside potential of the market while subject to these conditions.
So assuming it won't hit by the end of this Cycle the 2 SD MMB nor the top 2 zones of the LGC, the bad case scenario seems to be topping the lower pink LGC zone and the good case scenario topping the upper pink LGC zone. Those two give a profit taking range of 150 - 200k respectively and based on the Sine Waves, we should peak around October 2025.
Is that your profit taking zone as well for this Cycle? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
THETA Token Is In A Larger Flat CorrectionTheta Token with ticker THETAUSD made a deeper retracement in the last year, but it’s actually still above 2023 lows, so it can still be a larger regular 3-3-5 A-B-C flat correction in play. After recent projected five-wave impulse into wave (C) of a three-wave (A)(B)(C) decline in blue wave B, it can be now on the way back to March 2024 highs for blue wave C, which could be a five-wave impulsive cycle. Currently, it can be still unfolding a lower-degree five-wave impulse into wave (1), so more upside is expected for wave (3), especially if breaks above 1.74 bullish level, just be aware of wave (2) pullback.
Theta Token (THETA) is the native cryptocurrency of the Theta Network, a blockchain-powered platform designed for decentralized video streaming and content delivery. It aims to improve the efficiency and cost of streaming by allowing users to share bandwidth and computing resources on a peer-to-peer basis.
TradeCityPro | INJUSDT Best Position Among Altcoins! 👋 Welcome to TradeCityPro Channel!
Let’s dive in and analyze one of my favorite coins in the cryptocurrency space, INJ, which is showing strong potential. We’ll check the new entry triggers together.
🌐 Overview Bitcoin
Before starting the analysis, I want to remind you again that we moved the Bitcoin analysis section from the analysis section to a separate analysis at your request, so that we can discuss the status of Bitcoin in more detail every day and analyze its charts and dominances together.
This is the general analysis of Bitcoin dominance, which we promised you in the analysis to analyze separately and analyze it for you in longer time frames.
📊 Weekly Time Frame
On the weekly time frame, I see that the seventh period is stable, INJ, and compared to the majority of altcoins that have their own low price levels, it is in a better space and is engaged in its own supports!
After breaking the primary trend ceiling, namely 9.28, we experienced a sharp upward movement and formed a historical ceiling at $53, and after forming a distribution box and breaking the important floor of 16.20 and pulling back to it, we experienced a continued decline.
Currently, we’ve bounced from the key support at 6.54 and experienced a 90% move, which highlights the importance of this resistance. If we form a higher low above 6.54, the 13.54 trigger will be excellent for a spot buy, and I’ll personally add another buy position at that level.
📉 Daily Time Frame
On the daily time frame, our trend is completely bearish as you can see, and the events are completely accompanied by the formation of a downward bottom and top, but we are likely to suffer for a while.
After getting rejected from 34.16 and forming a box between 20.16 and 25.93 and losing the bottom, it made a move and then while pulling back with low volume and the next conversion to red, it became an inverted Sharpe, we experienced a decline!
After breaking the daily trendline and activating its trigger at 8.54, we saw a move and got stuck at the 10.32 resistance. After forming a higher low, we moved up to 13.76. Currently, the 13.76 trigger, and even better, 16.25, can serve as our futures long and spot long triggers, respectively. We’re still holding the position opened at 10.32.
✍️ Final Thoughts
Stay level headed, trade with precision, and let’s capitalize on the market’s top opportunities!
This is our analysis, not financial advice always do your own research.
What do you think? Share your ideas below and pass this along to friends! ❤️
ETHEREUM Massive rejection on the 1W MA50. Will it break?Ethereum (ETHUSD) has seen its strongest 1-month rise in recent times since the April 07 rebound and last week that stopped and got rejected exactly on the 1W MA50 (blue trend-line). This rebound is technically the new Bullish Leg of the multi-year Rising Wedge.
The 1W MA50 turned into a Resistance when it last broke on the week of January 27 2025, so almost 4 months ago. Once it breaks and closes a 1W candle above it, we can continue to expect the bullish trend to continue by at least as much as the rise below it (that happened in late 2024).
Technically for now, if it breaks, the upside is limited by the 4100 Resistance, so that will be our Target in that event.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
BITCOIN forming 1st 1D Golden Cross in 7 months! New ATH ahead??Bitcoin (BTCUSD) is about to form its first Golden Cross on the 1D time-frame in 7 months (since October 27 2024). This comes with the price very close to its $109k All Time High (ATH), following a relentless rebound and recovery from the Trade War correction.
Within the Bull Cycle's 2.5-year Channel Up, all 1D Golden Crosses have delivered higher prices instantly and the minimum % rise one has given before a new 1D MA50 (blue trend-line) pull-back, has been +33.11%.
This gives us an immediate Target of $135000 and is very much in line with a number of previous projections that the date show within this Target Region. Notice also how on all 3 last 1D Golden Crosses, a 1W MACD Bullish Cross precedes it. Basically that is the double confirmation of the medium-term bullish extension.
So do you think this 1D Golden Cross is such a strong buy signal and if yes, is $135k the bare minimum Target short-term? Feel free to let us know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
Deeper retracement is possible. 104-105.2 for short entryMorning folks,
So, last setup worked just partially - action started from 101K as suggested but BTC completed only 1.27 butterfly target, showing sharp reversal.
Current reversal is important because market is neither on some target, resistance or overbought. It means that reversal is driven by external factors. Although our long-term bullish view is still valid, with "at least" 110K target, the road to the target might be bumpy, with moderate pullback first.
It means that right now weekly/daily traders should sit on the hands and wait when retracement will be over. While daily/intraday traders could consider short entry from 104-105.2K resistance area by our view.