BTC Dark Cloud Cover Faces Correction Risk

BTC opened with upper and lower shadow candles this morning, forming a bearish engulfing pattern with yesterday's bullish candle, indicating further correction risk

Yesterday morning, it was mentioned that BTC formed a double top at 7.93, with a correction risk; be cautious when chasing longs;

Sure enough, the market corrected nearly 3,000 points, and a head-to-shoulder retracement from the top to the neckline at a 1:1 ratio would land around 7.45;

Additionally, the daily chart shows a bearish engulfing pattern with a dark cloud cover, increasing the chance of another correction

There is significant buy support around 7.69 from large long positions; to break below, a substantial volume bullish candle must push down strongly

Once the candle closes below 7.69, consider short positions accordingly, with support at 7.79, targeting around 7.59 and 7.45

7.57 is the 0.618 retracement level from the high to the low, also resonating with support, temporarily forming effective support