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Bitcoin encounters minor resistance and pulls back, but I am not shorting now
Bitcoin encounters minor resistance and pulls back, but I cannot chase short now! Many people see the price stalling and their first reaction is to top-tick and short. My current view is very clear: do not short now.
Currently, the larger-scale structure remains an uptrend, and the pullback at minor support levels is a normal correction, not a reversal signal. Shorting in an uptrend is like fighting against the market; winning yields small profits, losing results in big losses.
The 4-hour structure is still in an upward trend, with a minor rebound testing 785-795,
If it cannot break new highs again and surpass the major structure channel, it may start to oscillate at higher levels. If the trend line is broken downward, a reversal to decline could begin.
Trading plan
Long: Buy on pullbacks at 77K and 76.3K levels.
Short: Short on failed rebound break above 79 on the left side. Short on break below the upward trend line (75.5K) on the right side.