The primary trading strategy is to sell into rallies.Bitcoin / U.S. dollarBITSTAMP:BTCUSDChuck_WilsonCurrently, BTCUSD is in a weak, low-volume consolidation phase within a major downtrend on the daily chart. After falling from its previous high, the price rebounded from the 62900 level, but without any new funds entering the market. This is a typical technical rebound driven by short covering and not a trend reversal signal. On the 4-hour chart, the short-term moving averages have formed a death cross and are trending downwards, the Bollinger Bands are narrowing and declining, and the MACD histogram is showing a slight increase in volume. The highs of the bullish rebounds are gradually moving lower, and there is significant selling pressure from multiple layers of overhead supply. The market is characterized by a clear game between existing funds. The overall strategy is to primarily short on rallies, with a secondary approach of lightly trading on dips for rebounds. The hourly chart shows a narrow range of 62900-64700, with 64600-64700 being the area of dense selling pressure from the intraday order book, and 62900 being the bottom support level of the range. A breakout from this range would open up a new round of unilateral price movement.