🍐4/23 Midday Bitcoin Market Outlook

Bitcoin just hit a new high, but failed to firmly hold above the key resistance level of 79,215, instead forming a bearish engulfing top pattern on the hourly chart.
At the hourly level, a pullback is expected; you can lightly short, but don't be greedy.
The key level to watch is the 77,927 neckline.
As long as it doesn't effectively break below this, there will be no new lows, and the bullish trend remains intact. The decline is just a correction, not a reversal.
The previous candlestick that seemed to break down was actually a false break (it tested 77,400 but closed back above), and it also formed a hammer, indicating that the bears haven't broken through the bulls.

• ✅ If it doesn't fall below 77,927: unable to drop further, it will oscillate between 77,400 and 79,215, waiting for a clear direction.

• ❌ If it falls below 77,927 and doesn't recover: only then will a true decline occur, first watch 77,561, then support at 76,272.

Trading suggestions:
• Long: Break above 78,112 with volume and hold steady → go long
Target 78,807 → 79,443

• Short: Break below 77,802 with volume, then fail to recover on a rebound → go short

• 4-hour level: Break below 78,506 → watch 76,390 ~ 75,031