Thursday, 4.9, upward pressure persists, shorting on rebounds

The performance of Bitcoin yesterday was still quite decent. In the morning, a rally directly reached the 72,700 area before facing resistance and pulling back. The white session continued to fluctuate sideways. In the evening, after a second attempt to test the high around 72,800, it failed to break through effectively, then moved downward, currently trading around 70,900.

Yesterday morning, after the surge, it also indicated that a short-term overbought signal appeared, and a correction or pullback was needed in the short term. It is recommended to consider going long again in the afternoon. The market trend unfolded as expected: a decline in the morning and a second rise in the evening. Ultimately, it provided us with a direct long opportunity. With short-term resistance, the intraday strategy should focus on shorting rebounds.

On the daily chart, the overall structure remains a wide-range oscillation, not a one-sided move. To emphasize again, since the bottom at 65,500, it has rebounded from the bottom. Currently, it has returned to the pressure zone of the box but failed to break through effectively. Therefore, resistance above is obvious. Do not chase longs at high levels. Additionally, on the 4-hour chart, two long upper shadows have appeared, and the second attempt to push higher failed, with the price quickly pulled back. This indicates very strong resistance above, so if the resistance does not break the high, short at the top.

On Thursday morning, it is recommended to short Bitcoin at 71,500-72,000, with targets around 69,000-68,000.