Good morning everyone, today's morning report is here.
Last night, I was quite aggressive and entered early. I placed an order to top up on Bitcoin, and it hit my top-up point. I suggest to everyone around 2700 and around 73000. I couldn't catch Ethereum at a higher price, and it's a pity with SOL, as 185 didn't give an opportunity to enter. If Bitcoin doesn't hold the new high, I'm bearish. There's no need to doubt me; in trading, you have to stick to one direction to make money, right? Let's take a look at P3 for my cost: Bitcoin at 72311, Ethereum at 2635. The positions are just average at the moment. Currently, Bitcoin is around 71800, compared to Ethereum around 2600. If Bitcoin tests 70000 and Ethereum doesn't rally, it should be around 2500-2550. So, choosing to short Ethereum is 👍.
Now, let's look at the short-term support and resistance levels for these two. This week's targets and today's thoughts will be at the end.
$BTC Bitcoin support levels: 71800, 70800, 70000 (short-term strong support). Upper resistance levels: 72800, 73500-74000 (strong resistance). A breakout would mean a new high. If it breaks and holds, stop-loss for short positions. If you calculate the risk-reward ratio at 73000, isn't it worthwhile? Stop-loss at 2%, target profit at 10%+. Isn't a 1:5 risk-reward ratio worth considering?
$ETH Ethereum is still quite weak, with no significant rally. Upper resistance levels: 2646, 2680, around 2700. Short-term support around 2600 is still quite solid. If it breaks, you can look at 2560, 2535, around 2500. These are all support levels.
Today's thoughts summarize that shorting high is fine, and the risk-reward ratio is in line. Most people should have already entered, right? For those not in, short Ethereum at 2680-2700. Stop-loss at 1-2%, take profit at support levels mentioned in the article. For Bitcoin around 73000, stop-loss if it holds a new high, take profit at the support levels.
Choosing one, still go with Ethereum. Ethereum's performance in this bull market has been too poor. There will be a rally later, but not now. If anyone has questions, feel free to leave a message. That's all for now.