4.23 Evening Thoughts

During the midday, Bitcoin continued its weak oscillation from the morning, steadily declining from the high of 79,400, with the lowest dip around 77,100, currently hovering near 77,800, showing a slight recovery after a bearish decline. Our short positions today also realized profits: in the morning, Bitcoin opened short and gained nearly 900 points; in the afternoon, it also secured over 700 points profit. At the same time, Ethereum completed two perfect short trades, capturing over 50 points in the morning and another 30-plus points in the afternoon. Multiple trades precisely followed the bearish rhythm, allowing everyone to lock in profits without missing out or chasing highs, fully riding this downward trend.

From the 1-hour chart perspective, the short-term moving averages have crossed below the medium-term averages, forming a bearish alignment. The rebound strength is weak, and the MACD indicator’s DIF and DEA lines remain in a death cross, operating below the zero line. Although the green bars have slightly shrunk, the bearish momentum has not been fully released. Market sentiment is cautious, with bulls lacking the motivation for active attack, preventing an effective rebound.
Overall, the outlook for tonight remains bearish, with moving average resistance continuing to be effective. The price faces resistance around 78,300-78,500. Buying support above 77,800 is weak, and selling pressure is heavy. The MACD bearish structure has not been repaired, and medium-term bearish momentum still has room to be released. Tonight, focus on shorting during rebounds. Consider light short positions if the price rebounds to the 78,200-78,500 range, with a stop loss above 79,000. Targets are set at 77,200-76,500. If the price unexpectedly breaks above 79,000 and stabilizes, adjust your strategy promptly. Ethereum can be shorted around 2,350, with a target of 2,280.