With the positive news from the Middle East regarding support for Lebanon and the newly developed benefits of the Strait of Hormuz, global risk asset market sentiment has significantly improved, and the cryptocurrency bulls have also launched a fierce counterattack.
On the evening of April 17th, around 22:00 Beijing time, there was a surge of buying in the cryptocurrency market. Bitcoin surged through the significant threshold of $77,000, reaching a recent rebound high, while Ethereum also followed the market trend, strongly breaking through the key resistance of $2,400, with a quote of $2,445 at the time of writing.
This wave of sharp rise driven by overall economic and geopolitical benefits has caught many investors who were positioned for short positions off guard, resulting in an astonishing wave of liquidations in contract products. In the past 24 hours, a total of 193,000 people in the cryptocurrency network have been liquidated, amounting to a total of $630 million, indicating that market bears were comprehensively crushed during this surge.
Four-hour chart of Bitcoin
I am Xinghe. Looking at the chart directly, the price is currently hovering around 77,199. The momentum from the low of 64,936 has been very strong, already hitting the previous high. This is not an ordinary rise; this is a typical sprint phase at the end of a main rising wave. Next, there are two paths: either to continue the momentum and break through quickly to create new highs; or to oscillate back and forth in this high area to wash out some positions.
My core view is this: the overall trend is definitely still bullish, this has not changed. But in the short term, brothers, we have now entered a high-risk but also high-reward area. Do not rush in blindly just because you see prices rising; chasing after the price is a big taboo.
Let's first look at the main rhythm from the Fibonacci structure. The low point of this round is 64,936, and the high point is temporarily 77,479. Remember a few key retracement levels: 23.6% at 74,519, 38.2% at 72,688, the 50% midpoint at 71,208, and 61.8% at 69,728. The price is currently稳稳站在23.6%的上方，并且无限接近前高。这说明什么？这就是强势行情的标准剧本：回踩特别浅，拉升特别急，根本不给那些想在低位上车的人舒服的机会。多头的控盘力度还是很强的。（translation incomplete, please resend the original text to continue） 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
