April 29 Morning
Thought Process Analysis:
Bitcoin's weakness continued last night with sideways decline, the overall rebound strength was extremely weak, and the morning market remained in a low-level sideways consolidation, with no signs of a trend reversal.
The bullish momentum has been completely exhausted, rebounds repeatedly face resistance and fail, the bearish momentum continues to ferment and release, maintaining control of the market rhythm throughout, and the downward trend remains solid.
Currently, the market still exhibits a weak pattern of rebounds meeting resistance and falling back upon encountering obstacles.
In the short term, bearish momentum is continuously strengthening, with heavy selling pressure densely suppressing from above, and blindly bottom-fishing or contrarian long positions at low levels carry extremely high risks.
Trade cautiously, sticking to the core idea of shorting rebounds at high levels, and only lightly testing very short-term long positions at low levels. The market is likely to continue its weak downward trend, with further declines expected to key support levels.
Trading Suggestions:
Bitcoin 76,900-77,400 short, target 75,800, 75,000
Altcoin 2,310-2,330 short, target 2,260, 2,240
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