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Tuesday, April 14 Morning BTC Market Update
This market is terrible. After the news broke early morning, Bitcoin surged by 3,400 points, reaching a high of 74,900—absolutely outrageous. The short positions I set up in the evening were also badly hit. But looking at it differently, fortunately I set stop losses. The market is so extreme that most short sellers are probably burned to ashes!
Currently, after a continuous sharp rise, there are clear signs of the main players distributing. Indicators are seriously overbought and diverging, and a technical pullback is imminent. In the short term, we are in a high-risk gambling zone; blindly chasing longs is like catching a flying knife!
For early trading, focus on shorting based on resistance!
Trading Strategy
Rebound to 74,500-74,800, go short directly, target 73,800, and if broken, follow the trend to 73,000.