76k! Is Bitcoin at the top? Where can we rebound? Hurry and take a look.
1. First, let’s talk about why it’s falling. This round of Bitcoin’s pullback has touched the highest point of this 3-month consolidation range: 76k. Once the price reaches near the previous high and starts to pull back, that’s completely normal. So after the pullback, can we do a rebound?
2. I think it’s definitely worth trying, but we need to rebound at a relatively major support level. Right now, Bitcoin’s strong support is above 72.7k. As it gets close to here, I’ll definitely add another position—taking a rebound of more than a thousand points is a very high-probability play.
3. Next, the second question: Is 76k for Bitcoin the top?
There is a chance, but based on how this year’s tops have played out a few times, it usually ends up with a fake breakout—pushing above the previous high, like to 78k—tempting the longs to break through and chase, and then they get cut down all at once, turning it into fuel for the decline. That scenario has a higher probability. Of course, resistance near the 76k area is also strong, so that’s also a good option.
4. So in this situation, Qiuqin’s trading plan is to go in two steps, as shown in the chart. I’m letting everyone place shorts hanging at both big resistance levels: 75k and 78k. Adults don’t make choices—I want all of it! When the price is nearing the 76k resistance and pulls back to more than 73k, we’ll first take that double-top pullback. I also mentioned this in yesterday’s post—getting ready to set up a short position.
5. Right now, my 75k short will take partial profits. Let’s see if there’s a rebound—if there is, we’ll short again. Trump often gives us surprises. But if we’re going long, I’ll be more cautious, because after all, 74k isn’t low. I’ll only consider adding a long position if it pulls back to the larger support around 72.7k–73k.
6. So our actions aren’t random trading. Even if there are positive signals from the US-Iran talks, but if it pumps too much, we still won’t chase longs. I specifically emphasized this yesterday: even if you want to go long, you have to wait for a suitable price level before considering entry. And last night, when it was close to the 76k resistance at the previous high, we were also very confident—we took a pretty good pullback. Carpe diem and strike while opportunities are there—go hard every day~
