BTC Intraday Market Analysis

Previously, the upward channel on the 4-hour timeframe was effectively broken downward, and subsequent rebounds have failed to re-enter the channel; combined with yesterday’s rejection at 818 and decline, a standard head and shoulders top pattern has been formed.

Currently, the 1:1 downside target of the head and shoulders top has reached around 790, and in the short term, traders may consider reducing positions or moving stop-loss orders to protect profits; the short-term focus above is on resistance in the 798–804 range.

For short-term long positions, pay attention to key support levels and price action: 792 → 780 → 773, with a major strong support near 773. Once stabilized, consider playing the rebound.

Tonight, focus on non-farm payroll and unemployment rate data; next Friday, the Federal Reserve’s leadership transition will reach a critical point, during which market risk aversion sentiment will intensify, and the market is very likely to see exhaustion of bullish momentum.