On Tuesday the 3rd, Bitcoin faced resistance after a rebound, so go short.

Yesterday, Bitcoin rose slightly, reaching a high of 69,500 in the early morning before pulling back under pressure. It is now fluctuating around the 68,600 area, with the bulls temporarily active. While providing a bullish outlook yesterday, I also arranged a short position. After some averaging down, I am still holding it. The short-term upward movement is encountering resistance. Today’s rebound is a good opportunity to short.

Regarding the current daily chart structure, it remains within a box-range consolidation, with a tug-of-war pattern. The trend is not clearly one-sided. Although there is a short-term rebound, its strength is insufficient, and the rebound has faced resistance. Additionally, the previous downward momentum did not develop into a sustained decline, resulting in a back-and-forth oscillation between bulls and bears. Therefore, it cannot be considered a one-sided trend. The short-term upward movement is under obvious pressure. On the hourly chart, the price continues to fluctuate at high levels without a sustained rally, indicating some resistance above. Do not chase the high at the top; short the rebound within the day.

Monday morning trading idea: short at 69,000-69,500, target 67,500-65,000.

The above ideas are personal opinions only. Welcome everyone to discuss! Investment involves risks; trade cautiously. There are no shortcuts in trading. Don’t seek overnight riches; steady and prudent trading is the way to go. Wishing everyone smooth trading! $BTC