Bitcoin's short-term rebound is just to better facilitate shorting

$BTC Since testing the 66,000 support level, the price has been oscillating upward, currently testing the upper Bollinger Band on the daily chart. Today is a very critical day. If there is no significant engulfing move and the price remains in a high-range consolidation, this can be seen as a buildup for a rally. To fall, there must be selling pressure with real bearish candles; otherwise, breaking above the upper band could test previous highs or even break through.

This aligns perfectly with my early-month idea of filling the needle tip, but I didn't expect this move to be completed by the beginning of the week. If there is no pullback today and the weekend sees two days of consolidation, the weekly chart will show two consecutive bullish candles, and the price may stay above the previous decline's opening price of 72,800. This signals a perfect rebound, especially with the weekly low-term death cross forming, which will continue a rebound wave. However, a larger reversal would only occur if there is a second test or a new low is made.

If today closes with a bearish candle or even engulfs below 70,500, it signals weakness, and the price may start to decline early. Currently, we are at a decision point for the market direction. Trading at this position requires more patience. Yesterday's aggressive move resulted in a small loss because I mentioned that the market could either drop directly or rebound to potentially new highs. Although it fell, it only stopped near 70,500 and rebounded, with a false breakout at 73,100 before falling again.

On a smaller timeframe, a triple top with divergence and overbought signals is forming. I definitely wouldn't chase the high in this structure. But I haven't seen very weak signals either—no consecutive bearish candles, no engulfing patterns. Overall, the market is switching between small bullish and bearish zones. Short-term support is around 71,000. For ultra-short-term trading, watch for short positions near 72,200 (quick in and out). If the 4-hour chart consolidates and then tests the 73,100 false breakout again, I think that could be a good opportunity to try a short.

In summary, the market is at a decision point. If there is no significant pullback today and the price remains high, it indicates a buildup for a breakout. If it pulls back and breaks below 70,500, it would signal a shift in the small market structure. Currently, with the triple top divergence and overbought conditions, chasing highs is not wise. Focus on resistance around 72,200 for ultra-short-term trades, and consider a short position on a false breakout above 73,100 if a good opportunity arises.