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4.17 Evening Bitcoin View: Completely Bearish! Bitcoin’s Downside Channel Fully Opens
The afternoon rally, to put it plainly, was driven by the influence of a few recent “monster coins.” The overall market surged sharply, but even if there is a rebound in the short term, it is only a correction during the process of falling. The rebound height is limited: 76000 above forms a strong resistance zone, making it difficult to break through effectively.
Moreover, market volatility continues to climb. Declines are accompanied by larger volume, while rebounds see smaller volume. Selling pressure is far greater than buying demand. In the aftermath, there is a high likelihood that a new round of downtrend will begin.
Once Bitcoin touches 76,000, go short directly. The target is still 72,800.
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