The afternoon Bitcoin continues its strong momentum, rising from around 68,500 to approximately 71,200, reaching a new high for this rebound. Our early morning long positions on Bitcoin regrettably hit stop-loss, with a loss of over 1,500 points. Ethereum long positions also hit stop-loss, with a loss of over 40 points. Currently, the price has slightly retraced to around 70,600 and is consolidating. The short-term bullish momentum is weakening, and a pullback is gathering.

From the four-hour chart perspective, this rally from the low of 65,800 up to 71,200 has accumulated a gain of over 5,400 points, and signs of overbought conditions are evident among the bulls. The RSI indicator on both the four-hour and hourly charts has entered the overbought zone above 70, indicating a short-term technical correction is needed. Although the MACD remains in a golden cross, the red histogram is beginning to shrink, signaling a waning upward momentum. The current price is more than 1,500 points away from the EMA15 (69,500), with a large divergence, suggesting a technical pullback to confirm support is necessary. The 71,200 level also coincides with the upper boundary of a previous high-volume trading zone, where selling pressure has noticeably increased in the short term.

In the short term, the diminishing bullish momentum combined with overbought indicators suggests a correction is needed. Key resistance is at 71,200-71,500. If a volume breakout cannot be achieved, consider shorting above 71,000 with targets around 70,000-69,500, and set stop-loss above 71,500. The first support level is at the 70,000 mark, with strong support between 69,500 and 69,800. If the price stabilizes around 69,500 during the pullback, re-entering long positions can be considered. For intraday trading, it is recommended to be cautious about chasing highs and wait for a stable pullback before seeking entry opportunities. #Gate2月透明度报告 $BTC