Crypto Circle Academician: The high volatility of Bitcoin on April 28 has ended the washout! Key support holds firm, and the future market trend is clear! Latest market analysis and operational suggestions
The current price of Bitcoin is 76,800, having just dropped from a high of 79,400. Now stuck at 76,800, is everyone panicking? Afraid of being trapped while chasing long positions, or missing out while shorting, watching the red and green candlesticks with no clear direction? Don't panic! This pullback is not a trend reversal; it is merely a high-level washout. Therefore, this upward movement from 76,500 is valid, and you can continue to hold as long as you set a stop loss. Just leave the rest to time.
The daily K-line is in a corrective rebound channel after a decline. The price has stabilized above the short-term moving average, and the moving averages are arranged upwards, forming support. However, there is significant pressure from the EMA120 moving average above, limiting rebound momentum. The MACD indicator's red bars continue to shorten, indicating that upward strength is gradually weakening. The Bollinger Bands have flat openings, and the price is oscillating near the middle track, overall in the consolidation stage at the end of the rebound. If it cannot break through the previous high, it is highly likely to enter a second pullback, and currently, attention should be focused on the robust support area below 74,000 to 75,000.
The previous upward trend in the four-hour K-line has not yet been completely broken. The current price of 76,800 is within the oscillation range after the pullback. The price has dropped below the short-term EMA15 moving average but remains above the medium-term moving average. The Bollinger Bands' middle track is flat, with the price oscillating around the middle track. A MACD death cross has formed, with green bars continuing to expand, giving short-term bearish momentum the upper hand. However, the lower Bollinger Bands' lower track at 76,634 provides strong support. If this position cannot be broken, it is highly likely to trigger a second rebound; conversely, the pullback will deepen. Therefore, as long as the short-term market does not break 76,000, you can capture small rebounds within the day.
Short-term strategy reference: Follow the trend of the larger cycle, small stop losses, quick entries and exits
Going up from 76,300 to 76,500, stop loss at 75,800, target at 77,600 to 78,000
Going down from 77,800 to 78,000 meets resistance, stop loss at 78,500, target at 76,800 to 76,000
In this market, there are always opportunities, what’s lacking is the patience to control your hands. Don’t rush in just because you see others making money. Trading without a plan will sooner or later be returned to the market. By setting stop losses, controlling positions, and only making money that you understand, that is the hard truth for long-term survival in the crypto circle.
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