4.10 Bitcoin encounters strong resistance and rebounds after hitting the bottom, going long in line with the trend.
During the day, Bitcoin faced resistance at the 80000 mark and came under pressure, oscillating downwards and breaking below the 75000 threshold to initiate a downward move. The 75000 support held steady for now, with the current price hovering around 77777. Overall, the price is in a downward oscillation trend, facing significant resistance above, but the support level below remains relatively firm.
The MACD is in the negative zone on the 4-hour level, with the fast and slow lines continuing to decline, indicating that the market is still under a bearish trend in the short term, with strong bearish momentum; the RSI is in the weak range of 30 - 50 on the 4-hour level, showing that the market is weak in the short term. The EMA7 has crossed below the EMA30 and EMA120 on the 4-hour level, forming a bearish arrangement, further confirming the current downward trend.
In summary, Bitcoin on the 4-hour chart has already formed a secondary bottom during the day. Considering the previous trend, there will inevitably be a demand for a rebound, focusing on the resistance at 80000; if it retraces, go long.
Long Bitcoin at 76000-77000, target near 82000-88000. Protect at 75000.
Long Ethereum at 1440-1480, target near 1750-2050. Protect at 1400.
