4/23 Midday Bitcoin Outlook

Bitcoin just set a new high, but it failed to firmly hold the key resistance level of 79215, and instead formed a bearish engulfing top pattern on the following hourly chart.
The hourly timeframe is due for a pullback; you can take a light-position short on a short-term basis, but don’t get greedy.
The core level to watch is the neckline at 77927.
As long as it doesn’t effectively break down below here, there will be no new low; the overall bullish trend hasn’t been broken—this drop is just a correction, not a reversal.
That previous candlestick that looked like it broke down was actually a false breakdown (it tested 77400 and then reclaimed it), and it also formed a hammer candlestick, indicating the bears haven’t smashed through the bulls.
• ✅ If it doesn’t fall below 77927: if it can’t drop further, it will range-trade in the 77400~79215 area, waiting for a direction to be chosen.
• ❌ If it breaks down through 77927 and can’t reclaim it: then it will be a real drop—first watch 77561, then support at 76272.
Trading suggestions;
• Long: A volume-backed breakout above 78112 and a stable hold → chase long
Target 78807 → 79443
• Short: A volume-backed drop below 77802, and the rebound can’t reclaim the level → chase short
• 4-hour timeframe: Break below 78506 → watch 76390 ~ 75031
$BTC