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4.10 Friday Morning Thoughts
After the initial unemployment benefits data was released last night, market sentiment improved somewhat. In addition, the US-Iran situation has not yet further deteriorated, so risk appetite has risen slightly. Bitcoin is currently trading in the 710–720 range, with the overall focus shifting slightly upward.
Currently, Bitcoin is in a range-bound consolidation phase. In the short term, technical indicators show a slight overbought signal, and the market needs a period of consolidation to digest profit-taking.
However, on the daily timeframe, the prior large bullish candle had a solid real body and supportive volume, and the medium-term uptrend remains firm. The logic for the move higher has not changed.
There’s no need to rush to chase highs right now. Wait patiently for a pullback to build momentum and confirm stabilization, then seize the trend-following opportunity for a second push higher.
Go long near 71300 on Bitcoin, target 72500, then 75000.#BTC