Bitcoin has rallied from around 78,000, surging all the way up to a high of 78,878. The momentum on the long side has been quite strong all the way, but the last big bearish candle slammed down—clearly, there’s a not-small amount of sell pressure above. The price is currently hovering around 78,700. In the short term, the bulls still have the upper hand, and both the bid-ask imbalance (buying vs. selling strength) and the difference are positive—support is still there for the moment.

However, keep in mind that this upward move has already consumed most of the short-term momentum. The 79,000-79,200 area is a strong pressure zone. If you can’t break through there with volume, it’s likely to turn into high-level consolidation or even a pullback. Support below at 78,500 is the first line—if it can’t hold, then the price will likely retrace to 78,200-78,000 to look for support.

Now don’t blindly chase longs. First, see whether this resistance can effectively break. Stay a bit more cautious—wait until the direction becomes clear before taking action. Don’t gamble on tops and bottoms; only trade the swings you can understand.#BTC