April 29 Bitcoin Analysis

Today, Bitcoin continued its overall oscillation and bottom-building correction trend, after testing the key support at 75,600 and then strongly stabilizing. The bearish momentum continues to weaken, and the bullish rebound energy is gradually accumulating. The market conditions are conducive to a phased upward recovery.

From a technical perspective, the four-hour cycle shows a solid stabilization of the bottoming pattern, with the price holding above short-term support moving averages. Selling pressure at the bottom has significantly decreased, and even with fluctuations in the external markets, there has been no deep decline in the trend. On the hourly chart, multiple bottoming rebounds have occurred, with the downward pace slowing down, and the bulls gradually gaining control of the market.

In terms of trading strategy, adopt a pullback buy-the-dip approach. It is recommended to gradually open long positions in the 75,900-76,300 range, with strict stop-loss set below 75,300 to prevent sudden retracement risks.

The first upward target is at the 77,600-78,000 resistance zone. After breaking through, hold for a range of 79,200-79,600. During trading, strictly control position sizes, avoid blindly chasing highs, and wait for the market to stabilize before entering. Steadily grasp this rebound and correction phase.