4.23 Midday Thoughts

In the morning session, Bitcoin continued the pattern of yesterday's sharp rise followed by a pullback. After reaching a local high above 79,400, it faced obvious resistance, oscillating downward. Currently, the price has fallen back to around 77,700.
The 1-hour chart shows consecutive bearish candles, indicating that the short-term bullish momentum has been significantly weakened. The Bollinger Bands have started to turn downward, and the price has broken below the middle band support. The rebound strength is weak, and it has not yet managed to re-establish above the middle band, suggesting that the bears are currently dominating the market.
For midday trading, maintain a bearish bias at high levels. Focus on the resistance zone between 78,000 and 78,300, which was previously a support turned resistance and is near the Bollinger Band middle line. If the price rebounds to this zone and encounters resistance and falls back, consider a light short position with a stop loss above 78,800. The target is the previous support level at 77,000-77,200. If this zone is effectively broken downward, further downside space opens up, potentially reaching around 76,000. The overall trend has shifted from high-level oscillation to a bearish rhythm, so blindly bottom-fishing is not recommended. Follow the trend and set proper stop losses for a safer approach. Ethereum targets are in the 2360-2370 range, with support around 2320.