Weekend Strategy

🐮Market outlook for midday on April 18. 🐮 $BTC Viewpoint: Bitcoin broke out of the bearish flag pattern and made a new high again. I want to ask the short sellers, are you feeling nervous about this rally? This rally should also thank the short sellers for not going all-in on short positions, or it wouldn’t be so aggressive. After reaching a new high of 78,300, a shooting star appeared above the red arrow, indicating resistance above. Then it pulled back and fell back below the support at 77,375, moving downward. After rising so much, a pullback is not unreasonable. Currently, Bitcoin’s upward slope is very steep, which is unhealthy. A correction is necessary before another rise to ensure a healthy upward trend. If Bitcoin continues to stay below 77,375 support, it will likely retest the upper boundary of the flag pattern around 75,837. If the upper boundary of the flag can hold, it will consolidate between 75,383 and 77,375. Falling back inside the flag pattern will lead to sideways consolidation within the pattern, waiting for a new direction. To continue rising, it must break above and stabilize above 77,375 before attempting to reach the previous high of 78,323. Only after breaking the previous high can it challenge the new high of 79,297. Remember, everyone, a pullback is just a pullback, not a reversal. Once the trend is established, it’s hard to change. Bitcoin with volume broke through 77,399. Aggressive traders can chase long on the right side. If it drops below 76,919 with volume and then rebounds without reclaiming, chase short on the right side, but set a good stop-loss. On the hourly chart, Bitcoin broke above and stabilized at 77,399, aiming for 78,323-79,297. If it cannot go above 77,399, it’s useless. On the 4-hour chart, if it drops below 76,981, look toward 75,536-74,362. Resistance above: 77,399-78,323-79,297 Support below: 76,898-76,023-75,201 $ETH Strategy: Bitcoin with volume broke through 2,430. Chase long on the right side, stop-loss on the return. If it drops below 2,415 with volume, chase short on the right side, set stop-loss. Confirm support at 2,369 with a pullback for an additional long position, Stop-loss if it drops below 2,334. On the hourly chart, Bitcoin stabilizes at 2,430, aiming for 2,461-2,553. Watch for a short position if it reaches 2,553, Stop-loss if it breaks above 2,602. Left-side order: buy at 2,305, stop-loss if it drops below 2,272. Resistance above: 2,430-2,461-2,553 Support below: 2,414-2,370-2,333 On the 4-hour chart, if it drops below 2,386, look toward 2,345-2,309. Although the triangle pattern for Bitcoin was broken and higher highs appeared, the closing price did not stay above the 2,456 resistance. Instead, after reaching the high, a bearish engulfing pattern and an isolated high appeared. These two patterns indicate a correction is needed on the hourly chart. To rebound, Bitcoin must break and hold above the isolated high at 2,456 to aim for higher highs. Otherwise, it will likely retest the support at 2,379 and the upper boundary of the triangle. Everyone seems to be waiting for a pullback to buy, but fear that if it pulls back, you won’t dare to go long.