Recently, after Bitcoin's bottom rebound, it was suppressed by the daily descending trend line. Although it briefly broke through, it eventually fell back, presenting a false breakout pattern.
Maintaining a bullish judgment, the operation should mainly focus on going long, especially emphasizing low long strategies. Although there is a possibility of price retracement, the key support level below provides effective cushioning, and short positions are not currently considered.
The previously formed phase high point, after breaking, experienced a downward retest and gained support rebound. Last night, the Bitcoin price broke through the previous high point, and the current price is approaching that support level again. If this position can provide effective support and trigger a rebound, Bitcoin is expected to complete the adjustment within the rectangular box, thereby continuing the bullish trend.
(II) Second expectation: Testing the key support below
The platform below is an important horizontal support level. This area has completed the role reversal of support and resistance, and the double bottom structure has broken through with volume, validating its effectiveness. If the price breaks below the current support, it will test this key support level downward. There is also a demand zone below this position, which has certain support strength but is relatively weak.
III. Operation suggestions
If you already hold long positions, it is recommended to set the defensive position around 82,500. If this position is effectively broken, you should consider exiting and observing to avoid further losses.
If the 82,500 position is lost, wait for a clearer stop-loss stabilization and rebound signal to appear at a lower position, and do not place orders in advance. Only after confirming a stop-loss rebound can you enter to go long.
From the perspective of the daily level's large cycle, the previous central segment's top is also a horizontal support level at the 4-hour level. The Bitcoin price has not effectively broken below this point after two consecutive retests, and subsequently gained support rebound. Thus, it is judged that the downtrend is likely to have ended, and it will enter a rebound upward phase.
Although there is currently no clear reversal signal in the large cycle, signs of stop-loss have emerged, and rebound signals have appeared at the hourly level. If Bitcoin can effectively break through the current upward trend line, and the mid-term target price of 89,000 is also breached, it will further confirm the reversal trend.
From a medium to long-term perspective, Bitcoin is expected to test the key price level near 110,000, which is the second probe of the weekly top. If it can successfully break through and stabilize after a pullback, the bullish trend will be further strengthened.
On April 14, reviewing yesterday's Bitcoin viewpoint, we looked for an intraday pullback, shorting near 85600, and taking profits at 83600. The opening logic was based on the expectation of a drop from the selling zone above, with a target of 81500, which was not reached but did experience a pullback.
Looking at the larger cycle, the outlook is bullish. The key support level on the daily chart has not been broken, and whether it rebounds after the stop-loss is uncertain. The hourly chart shows a bullish trend, while the daily chart indicates a rebound phase. As long as the 74000 level is not broken, we consider the downtrend to likely be over.
The main direction is bullish, and short-term participation in shorts is viewed as a brief short position. No direct reasons for a surge were discussed because of the expected pullback, and it is believed that the daily pullback has ended. The bullish outlook could lead to a second test of the previous weekly highs, forming a potential double top structure.
On the hourly level, we are looking for a pullback, and the trend line has not been broken. Even if it breaks, it only reaches the short to mid-term target of 89000 (which is also the bullish expansion at the 1.618 position). There are two strategies for going long: one is to enter after a pullback to 89000; the other is to wait for the current position to rise and then pull back.
Pay attention to the double bottom structure near 81500, and enter on a rebound when it pulls back to that position, with a mid-term target of 89000.
Reviewing yesterday's views, the 4-hour level for Bitcoin has formed a reversal signal, with a breakout of the neckline accompanied by volume. Therefore, we did not recommend chasing long positions at high levels, but instead arranged short positions around 83000, making a profit of 2000 points.
We expect the price to pull back to the neckline to capture rebound long positions, ultimately buying at 79200. Currently, the 4-hour level reversal is confirmed, while the daily level is yet to be confirmed, showing a rebound trend on the daily chart.
After the 4-hour level reversal, although there are lower horizontal points, there has not been a second test. The breakout and pullback of the neckline have generated expectations for long positions, and the buying zone has moved away, no longer considering the previous lower points as defense for bulls. The short-term bullish target is around 83000, but since the daily level has not reversed, cautious light positions are recommended; the medium-term target is 89000, but it needs to break the high point and trend line.
The price trend may be a decline followed by a rebound and then a further decline. Bullish defense is set at the lower points, exiting upon a breakout; if the rebound fails, a high short position may be attempted later, but the next stage short target is only 74000, with limited shorting space. Pay attention to the important support level on the daily chart (top of the central segment), which is currently effective. The hourly level double bottom reversal can be used to catch the rebound, observing the support situation at key positions.
Trading is like rock climbing; the focus is not on the speed of ascent, but on the level of stability. Even if you climb quickly, a single misstep can cause all previous efforts to be in vain, resulting in a score of zero.
In trading, the reason why profitable traders can make profits lies in their focus on how to avoid losses. Before pursuing victory, they consider the potential failures they may face; before thinking about how to profit, they correct their bad trading habits.
If you can do the following points, you will have an advantage in this trading game:
Be cautious when opening positions: Think deeply when entering the market, do not act rashly, and conduct thorough market analysis and risk assessment.
Stay calm while holding positions: Maintain a calm mindset during the holding period, do not overanalyze, and trust your judgment and strategy.
Don't rush when missing opportunities: Do not blindly chase trades when you miss a market move, patiently wait for the next suitable opportunity, and do not let emotions from missed opportunities control you.
Do not be arrogant with profits: After making a profit, do not become complacent, stay clear-headed, because one success does not guarantee forever; the market can change at any time.
Do not be impulsive with stop-losses: Execute stop-losses decisively, but do not act blindly; operate based on the established trading plan and stop-loss principles.
Before every trade, you should anticipate the various possible outcomes. If you are unprepared, any sudden situation can easily destroy your psychological defenses.
In the face of gains and losses in trading, maintain an attitude of "accept gains calmly, accept losses lightly, strive for the inevitable, and follow the natural course." Treat profits with calmness, do not let victory cloud your judgment; when facing losses, remain composed and do not let failure defeat you. Strive to obtain the returns you deserve, but do not demand excessively; follow the natural laws of the market, thus you can go further and more steadily on the path of trading.
The U.S. is engaging in a rebalancing in the Asia-Pacific,
but it merely treats its allies as bacon, with the core chip having its throat locked, and the financial scythe being illusory; the real killer is injecting "capital expansion agents" into global allies.
Wall Street only sees America's allies as walking cans of calories — being an enemy of the U.S. is dangerous, but being an ally of the U.S. is deadly.
No rush, take your time to see who is served on the dining table first? #美国加征关税
While others fear Bitcoin's drop, the wise have positioned a million in wealth.
The current state of Bitcoin is not a bear market; there's no need to overly worry about things that have not yet happened. Even if it really breaks below the current support area in the future, the downside potential is very limited. Bitcoin has already been heavily embraced by global institutional capital; even if there is a pullback, it is very likely to stop in the 40,000-50,000 USD range. Compared to the current price, the downside potential is limited, while the upside potential in the future is extremely vast. 300,000 USD is just a matter of time. 600,000 USD is trend-driven. 1,000,000 USD is not a fantasy either. What you should truly worry about is not the drop in Bitcoin, but that you didn't get on board when it was cheap.