As shown in the chart, this time Bitcoin is very likely to rebound again! Because the last false breakdown is very worth referencing for us; after the rebound and pullback, it then rose to create a new small peak to complete the distribution.
So this time Bitcoin is also a rebound followed by a pullback. Can it also rebound like before, creating a higher small peak? I think there is a probability of that. Because the 1-hour MACD is still quite healthy, it is in a golden cross, and it seems like it can bounce again.
Overall, Bitcoin is still oscillating in a range, consolidating between 116,000 and 120,000. Profits can be taken on long positions at the upper edge of the range, and a little short position can be set to catch a wave.
We already shorted at 119,800 once yesterday, not only escaping the peak but also making a short profit every day. So if we want to short again this time, we can set the entry point a bit higher, because it may not have finished rebounding yet. I would rather miss it than be caught halfway up, keeping a Zen mindset.
Additionally, the US stock market is quite unstable this week, as it is the earnings season for major tech companies, so there might be some unexpected large fluctuations. Moreover, the US dollar index DXY, which has depreciated for several months, is starting to rebound, and the dollar is strongly appreciating in the short term, which may have some pressure on the crypto market, but it won't quickly transmit to the cryptocurrency prices, just something to keep an eye on.
