BTC 4-hour:

Bitcoin broke through the uptrend line yesterday and experienced a sharp decline. Currently, the main reason for yesterday's decline seems to be the lower-than-expected performance of major tech companies, which has suppressed investment sentiment. In addition, concerns about the selling pressure from Mt.Gox redemption have also contributed to this decline.

Although Mt.Gox's redemption is currently seen as a negative factor, I believe that the large-scale selling pressure has been exaggerated. I expect that although there may be a short-term decline, the market is likely to recover its bullish trend in the long run.

Factors contributing to this include the preparation of ETF trading in Hong Kong, which is set to launch on April 30th and is expected to attract buying interest in the market once again.

The first resistance level for the day is at 64500, and the second resistance level is at 63000. Before reaching the first resistance level, we need to observe the resistance of the 60-day moving average on the 4-hour timeframe. The current downtrend still exists.

If the price breaks through the 60EMA, then I will be optimistic about a short-term rebound. However, if the trading volume decreases, the rebound may lead to another decline. It's also worth paying attention to the candlestick patterns within the small range after the decline.

The first support level for the day is at 63800, and the second support level is at 63000. If the price can hold above the first support level, it will form a consolidation range and there will be a higher probability of a short-term rebound.

If it falls below the first support, Bitcoin will open up downward space, with the bearish target price at 63000. When it drops near the second support level, pay attention to whether a lower shadow line forms in the candlestick.

In addition, due to the significant decline that occurred yesterday, I will maintain a bearish view and trade within the consolidation range today. When the downtrend range is broken on the 4-hour chart, it can be used as a strategy for a short-term rebound. However, when rebounding, please pay attention to the resistance above.

4.25 Shiyechen's Short-term Pre-buried Orders:

Short reference: 65049, 65458

Long reference: 63800, 63000

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