#GatePreIPOs首发SpaceX 76,000! Is Bitcoin at the top? Where can we rebound, let's take a quick look.

1. First, let's talk about why it dropped. Currently, Bitcoin's recent correction has touched the highest point of this 3-month consolidation zone: 76k. When the price reaches near the previous high and starts to pull back, it's completely normal. So, after the correction, can we make a rebound?
2. I think it's worth trying, but we should rebound at a stronger support level. Currently, Bitcoin's strong support is above 72.7k. Near this level, I would definitely add more positions, as the chance of a rebound of over a thousand points is very high.
3. Next, the second question: Is 76k the top for Bitcoin?
There's a possibility, but based on how the recent tops have played out this year, there might be a false breakout above the previous high, for example, reaching 78k, tempting the bulls to break through and chase higher, only to be fully wiped out afterward, fueling the decline. This scenario has a higher probability. Of course, the resistance near the previous high of 76k is also a good option.
4. So, the trading strategy in this situation is a two-step approach. As shown in the chart, I suggest everyone short at both major resistance levels of 75k and 78k. If adults don't make a choice, I will take both! When the price approaches the 76k resistance and pulls back to over 73k, I will first take advantage of the double top correction. I also mentioned this in yesterday's post, preparing to short.
5. Currently, I will take partial profits on my short at 75,000. If there's a rebound, we can short again. Trump often surprises us. But for long positions, I prefer to be more cautious because 74k isn't low. If the price pulls back to the larger support zone around 72,700-73k, I will consider adding one more long.
6. So, our trading isn't reckless. Even if there are positive developments like US-Iran talks, if the price rises too much, we won't chase longs. I emphasized yesterday that to go long, the price must be appropriate before considering entering. Last night, near the resistance at 76k, we confidently took a good retracement. Seizing opportunities every day is about going all out!