Crypto Circle Academician: On 4.23, Bitcoin BTC peaked at 79000! The daily K trend has been set; don't miss the latest market analysis and trading suggestions for long and short opportunities on the 4-hour chart.
The current price of BTC is 78950, and the market is in a crazy upward mode. Many cryptocurrency friends are asking: Can I still go long now? Will it suddenly crash? Stop guessing! I will directly use the daily K and 4-hour dual-cycle technical analysis to break down the trend, momentum, resistance, and support clearly for you. No need to look at ambiguous analyses; after reading this, you will know how to plan your next steps, with entry points and stop-loss levels marked for both long and short positions, just follow along and you’ll be done!
The daily K-line is currently in a strong upward trend. The price has broken through previous highs and continues to rise, with the moving averages still arranged upwards and intact, and the medium-term trend has not deteriorated. The MACD red bars continue to widen, indicating that the upward momentum remains strong. DIF and DEA are consistently moving up above the zero axis, maintaining a solid upward trend. The Bollinger bands are opening upwards, with prices moving near the upper band, indicating that the upper space has opened. However, the current price is at a historical high, market sentiment is overheated, and the risk of a pullback is accumulating, so caution is advised when chasing prices at high levels.
The signals on the 4-hour cycle show that Bitcoin is in a slightly bullish oscillation trend at high levels, with prices fluctuating upwards relying on the EMA15 moving average. The upward rhythm has not been interrupted. However, the MACD red bars are shortening, and DIF and DEA are sticking at high levels, indicating a clear decay of upward momentum, and a top divergence signal is forming. The Bollinger bands are starting to converge, with prices repeatedly testing near the upper band, indicating that selling pressure at the top is increasing, and the need for a short-term pullback has become evident. The cost-effectiveness of chasing high positions is now very low.
Short-term thinking reference: Follow the trend of the larger cycle, with small stop-losses and quick entries and exits.
Going up from 77500 to 78000 with a stop-loss at 76800, targets at 79500 to 81000.
Coming down from 79500 to 80000 with a stop-loss at 80500, targets at 78000 to 77000.
Currently, Bitcoin is a typical emotional market; it rises quickly on a trend and falls even faster. The risk of chasing long positions at high levels now far exceeds the potential reward. Don't think that if you miss out, there won’t be another opportunity; the market always presents opportunities. Regardless of long or short positions, always carry a stop-loss; don’t be stuck with positions. Once the trend reverses, it will be difficult to unbind from high levels!
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