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#BTC Thursday afternoon Bitcoin analysis and outlook for April 16
Bitcoin tested below 73,776 twice yesterday without breaking it, forming a small double bottom rebound. It attempted to break above 74,826 twice but failed to stabilize, with the high gradually rising, indicating a slightly strong structure.
74444 is a key neckline support; holding above it means no further retest of 73,776. A break below would test 73,776 again, and if lost, it could target 72,578.
This round of rebound forms an arc bottom, with a target of 76,000. Once reached, it is recommended to reduce positions at the bottom. A breakthrough and stabilization above 74,826 are needed for an upward attack. Currently, it resonates with the upper boundary of the flag pattern, with intra-day mainly oscillating.
Right-side trading strategy
• Enter long on volume breakout above 74,945, targeting 76,000-76,751
• Enter short on volume breakdown below 74,388, with a rebound not confirmed, targeting 73,412-72,000