Analysis of the Morning Thoughts on Bitcoin
The technical outlook for Bitcoin shows a bearish pattern. On the four-hour level, the downtrend remains unchanged, with the upper band of the Bollinger Bands continuously opening downwards, indicating a dominant bearish position. Although the previous two large bullish candles pushed the price near the mid-band, there has been a lack of continuation afterward, with the candlesticks forming upper shadows, indicating heavy selling pressure above and insufficient rebound momentum. The hourly level shows that the price is under pressure at the upper band of the Bollinger Bands, and after a series of bullish candles, the bullish momentum has clearly diminished. The overall layout for the day continues to favor a rebound followed by short positions.
Trading Suggestions:
Short Bitcoin in the 4510-4550 range, target 4300
