4.28 Afternoon Analysis

In the morning, our suggested Silk Road trading plan followed through as promised, exiting with 800 points worth of gains!!

The white pancake Bitcoin surged to 77,477 on the 1-hour timeframe, hit resistance and faced pressure to pull back, closing with a long upper shadow. The bullish volume and momentum quickly decayed, and heavy sell pressure weighed on prices at high levels. The price dropped below short-term moving average support; the rebound lacked strength, forming an early-stage double top pattern. The bulls are short on counterattack momentum. Currently, price is consolidating around 76,800; support is at 76,500. If it breaks below, it will open up further downside room. The 77,000 level above has flipped from support to strong resistance—if it cannot be quickly reclaimed, the downtrend will be further confirmed, with a high likelihood of revisiting the 76,000 area.

For the short term, the suggestion is to use the support and resistance levels for selling high and buying low as needed!! For the medium to long term, follow the morning Silk Road plan and mainly look to short on rebounds; strictly control your position size, and watch for changes in volume.