Tonight we will celebrate the New Year, accompany the kids to set off fireworks, do crafts, and play games. There’s no time to watch the market, so I’ll simply share my evening thoughts. The hourly chart for Bitcoin is rebounding all the way, currently testing the upper resistance. On the 4-hour chart, two large bullish candles have appeared, and it is now above the middle support line. If it goes up further, it will need to test the key resistance level around 96,000.
If it stabilizes above 96,000, the next resistance for the bulls will be around 99,500, and then it could return to 100,000. Anything is possible, but in trading, never assume that the market must behave in a certain way. If you have already shorted at 93,500 and 94,200 during the day, you should first pay attention to the resistance at 96,000. If it breaks through here, there’s no need to hold the short position; consider stopping loss first.
Bitcoin is currently fluctuating around 94,700. For the bulls, the 4-hour level around 92,200 can be considered a triple bottom, and it is currently rebounding. If the price breaks through 96,000 and reaches 99,500, it will form a W pattern, with the lower bottom around 92,200. For the bears, the daily K line is under pressure from the middle track, constantly oscillating downwards, with lower lows. If the rebound does not break the recent highs, there is reason to believe this is an opportunity to continue shorting. At this point, both bulls and bears have their own convictions and beliefs, and no one can convince the other. Therefore, what can be done is to strictly manage stop losses, whether long or short, and leave the rest to time for verification!
For Ethereum, the strategy is to short at 3,420 during the day, and this remains unchanged in the evening. For operations, temporarily treat it as range oscillation; the upper resistance is at 3,420 and 3,440 for shorts, while the lower support is at 3,320 and 3,300 for longs. Do not chase if the range is not broken; treat it as oscillating within the range if it does not break.