🍉4/18 Midday Bitcoin Market Outlook

Bitcoin just broke out of the descending flag pattern and hit a new high of 78,300, catching the bears off guard.
But right after the new high, a shooting star appeared, indicating heavy selling pressure above, and it immediately pulled back, currently trading below 77,375.
The rapid rise and steep slope are unhealthy; a pullback is normal, not a sign of reversal.
Market trend forecast:
◦ If it cannot stay above 77,375: likely to retest the upper boundary of the flag at 75,837
◦ If 75,837 holds: fluctuate within the 75,383–77,375 range
◦ If it falls back into the flag pattern: oscillate inside the pattern, waiting for the next directional move
◦ To continue rising: must volume-strongly hold above 77,399, then aim for 78,323; a breakout could target 79,297

• Trading suggestions (with stop-loss in place)
◦ Hourly level: volume breakout above 77,399 → go long, watch 78,323 and 79,297
◦ 4-hour level: break below 76,981 → go short, watch 75,536 and 74,362
◦ Right-side opportunities: breakout above 77,399 to chase longs; break below 76,919 and fail to rebound → chase shorts

• Remember, this is just a correction, not a reversal; the overall trend remains unchanged.