4.16 Bitcoin faces downward pressure, wait for a pullback before taking long positions
From a short-term perspective on the 4-hour chart of Bitcoin, market analysis shows a fluctuating upward trend based on candlestick patterns, but the recent continuous bearish candles and the appearance of a top reversal pattern suggest that the risk of a decline is increasing. In particular, the 'Three Black Crows' pattern is a strong bearish signal, indicating that prices may further decline and challenge lower support levels.
At this stage, it is advisable to operate cautiously, considering reducing positions or selling to avoid short-term downside risk. Closely monitor the potential support/resistance conversion around the 83000 level; if this level is effectively broken, pay attention to the performance of the important support level at 83000. Once prices stabilize and show signs of a rebound, consider buying at lower levels. For those whose recent trading has not been ideal, consult btc0796 to connect with me for market discussions.
Long positions on Bitcoin between 82000-83000, targeting around 85500-88500. Stop loss at 81000.
Long positions on Ethereum between 1540-1580, targeting around 1680-1820. Stop loss at 1500.