This market is interesting—it's like I took off my pants just for you to show me this.

Bitcoin was about to break down early this morning, but then suddenly pulled back. Bitcoin broke below the ascending triangle first and even formed an M-head pattern. Normally everyone would expect it to test the 67307 support level and then consolidate to find direction. But it stopped falling at 68825 and printed an isolated high, then reversed and pulled back above 70000. This movement is completely off script.

Bitcoin is now approaching the 71490 resistance level, and whether it can break through this time is key. Only by holding this level can the bounce continue. The target above looks at the 72808-73705 zone. If it can't break through, the hourly three-pin topping pattern will form, indicating heavy selling pressure above. A resistance level that fails to break after testing it 3 times basically has no chance of breaking through. Then it will likely oscillate between 71490-70057, and if it breaks below 70057, it will retest 68825 and return to the previous rhythm.

Don't try to bet on a single direction in this market right now. Whether going long or short, the rhythm is to take profits and run. If you want to hold for long-term gains, be prepared for profit-taking or even stop-losses.

$BTC Bitcoin key levels
Upper resistance: 70806, 71490, 72808
Lower support: 70272, 69056, 68267

$ETH Ethereum is also oscillating along with it. Upper resistance at 2160, 2197, 2232; lower support at 2140, 2105, 2075. If it breaks below 2111 on the 4-hour level, the next target is the 2066-2021 zone. Bitcoin is currently forming an ascending triangle; to continue rallying, it needs to hold the lower edge of the triangle. Once it breaks below, it will likely return to the starting point of the rally. Pay close attention to whether this pattern breaks down.