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April 17 Evening Analysis
Bitcoin surged to 76,350 on the 1-hour chart and then dropped sharply, unable to continue rising. It’s clear that there is too much selling pressure above, and a short-term decline is likely.
Currently, the price has fallen from the upper band of the Bollinger Bands, indicating a weakening trend; 75,800-76,000 is a resistance zone, and a rebound to this area is likely to lead to a decline.
Below, watch the 75,000 support first; if broken, then look at 74,500 and 74,200.
Simply put: don’t chase high positions; sell on rebounds, and look for short opportunities if support is broken. Set stop-losses properly to stay safe.
#BTC