Tuesday Morning Bitcoin Strategy

Last night's price action was decisive. After a push higher, Bitcoin consolidated at elevated levels, and with US stock futures opening strong, price surged to the 71,700 level. However, the momentum wasn't particularly strong, and it's currently consolidating around 70,800.

From a structural perspective, although the daily chart shows a volume-driven bullish candle breaking through the midline, there's clear resistance above with a long upper wick, indicating selling pressure persists and bullish follow-through is lacking. On the 4-hour level, despite rallies higher, multiple upper wicks have capped gains, and the Bollinger Bands remain in a downtrend channel overall. The trend hasn't undergone a substantive change.

This rally is more driven by news sentiment rather than a true trend reversal, with the bearish structure remaining dominant.

Operationally, maintain the high short bias. Focus on shorting above the 71,000 level in the morning session, with downside targets at the 69,000-68,000 zone.

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