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Wednesday, April 29th Morning Thoughts: Weak Rebound, Bearish Theme
After yesterday’s drop, after early-morning digestion, Bitcoin finally rebounded back to around 765, but it was under pressure again. The rebound strength on a smaller timeframe is limited. After a decline, taking some corrective steps is normal. Going forward, we will continue to track the bears’ next downward moves.
On the four-hour chart, Bitcoin falls in a cliff-like manner. The price drops from the upper band all the way through the lower band. Currently, it stays along the edge of the lower band while continuing the bears’ downward movement. On the hourly chart, the Bollinger Bands keep moving downward in a channel. The short-term rebound is suppressed by the middle band, followed by a bearish candle pulling back to retest. Overall, the bulls have a weak rebound, and any rebound ahead is for the bears.
Morning reference: short in batches in the 765-770 area, with targets at 750-740.