April 9th, Morning Brief and Recommendations

After reaching a new high, Bitcoin formed a double-top pattern with the previous high. The yellow arrow indicates a subsequent pullback. Those interested can refer to the same pattern I discussed in my post last night. However, the pullback didn't fall very deep. The price first broke below the flag pattern and then attempted a rebound to break through the flag again but failed. It continued to pull back and formed a bearish engulfing pattern, suggesting the pullback might extend further. Yet, there was another rebound that brought the price back inside the flag, but this rebound didn't reach the previous high and even formed an isolated high point. Soon after, the price broke below the flag again, creating a lower low, but the 70k level was not broken. Currently, the highs and lows within the red box are decreasing. To resume a rebound, the price must re-enter the flag pattern and break the isolated high marked by the white arrow to continue upward toward the previous high of 72,876. Only after surpassing the previous high can the rally extend further. A continued pullback above 70k is no problem; however, if it falls below 70k, the decline will accelerate, and the price will test the support at 69,134. If 69,134 holds, the price can consolidate and rebound back above 70k. If it breaks below 69,134, the price will fall back to where it rose from.

Bitcoin with volume breaking above 71,450 should be bought on the rebound. If it breaks below 70,403 with volume and then rebounds but fails to recover, consider shorting on the right side with proper stop-loss.

On the hourly chart, a break and hold above 71,450 indicates a bullish target toward 72,003-72,850. If it cannot break above 71,450, the move is invalid.

On the 4-hour chart, a break below 70,403 points downward toward 68,886-67,713.

Resistance levels above: 71,267-72,003-72,850
Support levels below: 70,403-69,231-68,251

$ETH Strategy:
- Bitcoin with volume breaking above 2,200 should be bought on the right side, with a stop-loss at the entry.
- If it drops below 2,160 with volume, consider shorting on the right side with a stop-loss.

A rebound at 2,122 confirms support; add one position.
If it breaks below 2,085, stop-loss.
On the hourly chart, if Bitcoin stabilizes above 2,200, target 2,233-2,269.
Watch for a potential short at 2,270, with a stop-loss above 2,306.
Left-side order: buy at 2,047, stop-loss if below 2,011.
Resistance above: 2,198-2,233-2,269
Support below: 2,169-2,123-2,085

On the 4-hour chart, if it breaks below 2,166, look toward 2,112-2,082.
The triangle pattern for Bitcoin was broken and then falsely broken at 2,174 support. Watch whether 2,174 can hold; if not, support will shift to 2,119.
To go higher, break the neckline marked by the white arrow at 2,197 first, then target 2,233.
Only after returning above 2,233 and ending the阴跌 (downward decline) can the rebound continue.

$BTC $ETH