From the 4-hour chart, Bitcoin once again broke through key support, dipping below 73000, refreshing recent lows and perfectly validating the previous prediction that 74500 was definitely not the bottom.
Prices continue to be under pressure below the middle band of the Bollinger Bands and short-term moving averages. The Bollinger Bands are diverging downwards, with a clear bearish channel. The rebound touches the middle band and then faces pressure to fall back, showing no effective stabilization signals.
The MACD remains below the zero axis. Although there is a slight golden cross, the red bar momentum is weak, merely a technical repair after an oversold condition and not a trend reversal signal. The KDJ three lines are in the middle-low range, with limited rebound strength and no formation of a strong upward attack pattern; overall, it still leans bearish.
Bitcoin has been in a continuous downtrend, with lows constantly refreshing and rebound highs gradually lowering, a standard bearish trend structure. Any counter-trend bottom-fishing behavior faces significant risks.
Bitcoin is probing new lows again, thoroughly validating the bearish trend. The short-term rebound is merely a technical repair and not a reversal signal. In terms of operation, one should continue to adhere to a bearish stance based on key resistance levels to lay out short positions.
Short Bitcoin when it rebounds to the 77000-77500 range, targeting 74000-73000.
Short Ethereum when it rebounds to the 2300-2330 range, targeting 2100-2060.
