Bitcoin rebounds from 742 to 776, when can we short?

This round of rally is only a correction of oversold conditions. First, Bitcoin rapidly dropped from 8.3 to 742, a nearly 10,000-point decline. The technical rebound is a normal trend, and it’s suitable to position for shorts at high levels.

From the perspective of market resistance levels: the rebound is likely to face resistance around 790, where previous trapped positions are concentrated, and there are many selling chips. The risk-reward ratio for shorting here is relatively high. Additionally, the previous high at 782 also presents short-term resistance, so a small position can be taken to play the short-term pullback.

From the Middle East situation: US-Iran negotiations have become a market hot topic. Iran has not compromised on core nuclear issues but has agreed on key conditions such as Strait navigation, which directly caused a sharp drop in oil prices and indirectly boosted Bitcoin’s rebound.

Jing Yi’s view: If both sides reach an agreement smoothly, the price may temporarily surge, likely hitting the 790 target. After the positive news is realized, a pullback will follow. The opportunity for big shorts to eat the meat is here.

Key levels
Upper resistance 782, 790
Lower support 765, 755, 745#股票交易挑战最高赢17000U