Friday Morning Bitcoin Market Outlook: Rebound Means Selling Short



Last night’s “empty bowl” was incredibly satisfying! From a technical structure perspective, the 4-hour Bollinger Bands are moving downward overall, running below the Bollinger middle band of 648, and are in a short (bearish) channel; the MACD lines continue heading downward, the green histogram bars are expanding, and bearish momentum is sufficient; the KDJ is in a low-range zone, only making a slight turn with no strong reversal golden cross. After a big drop, there is only a weak pullback repair, and the bigger trend is still bearish—highs keep moving lower, and the rebound strength is extremely weak.

First short-term resistance: 638-643
Medium-term strong resistance: 655
Short-term support: 622, a new intraday low—if it breaks, downside will accelerate
Medium-term support: 616

Trading Suggestions:
Main idea: rebound to sell high. If the rebound reaches 638, then at 643 resistance, you can place short orders; the target is 622. If it breaks through, look to 616.
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