BTC April 23rd, 2:00 PM Analysis

The previous high surged to 79,444.7 and topped out. The market has formed a standard lower-high structure, with the price breaking below the Bollinger middle band across the board. Over the long term, it has been moving weakly downward in the range between the middle and lower bands, and the bullish uptrend has already been partially broken down.

The current slight rebound is only a technical breather during the decline. The Bollinger middle band at 77,910 and the upper band at 78,297 form dual strong resistance overhead, and the rebound faces heavy sell pressure. The MACD double lines are still deeply below the 0 axis. The large bearish structure has not changed. The brief red bars are just the shorts taking a breather during a correction, and the downward momentum has not fully dissipated.

For the short term, every rebound is an excellent opportunity to go short at high levels. Place a light short position on the rebound pressure in the 78,500-79,500 range, then first look at the 77,500 support. If that support is broken, follow through and open up a new round of downside space. Today, focus mainly on going short.