The 15-minute candlestick chart for this round of Bitcoin's surge has already shown a long upper shadow, which is a typical signal of selling pressure at high levels, indicating that the bulls are unable to sustain the selling at high prices. The price spikes up and then falls back, forming a preliminary pattern of a evening star, shooting star, or other top-reversal formations.

From 74,777 to 79,142, there has been no single large bullish candlestick to confirm bullish momentum. Instead, during the peak phase, there have been consecutive small bullish candles and upper shadows, which are direct signs of bullish momentum exhaustion.

Combined with volume-price divergence, this pattern of shrinking volume during a price surge at high levels has historically almost always been followed by a rapid reversal and decline. Every upper shadow now is a warning bell for those chasing the long side, but many are deceived by the appearance of rising prices and fail to hear the warning.

Trading suggestions

Short around 79,000, targeting 78,000-77,000, with a continuation if broken to 76,000.