1.10 Morning Thoughts
It’s Friday again. Last night, the price rose from around 91800 to about 94685 and then fell back to around 91200 in the early morning, resembling a roller coaster ride. Yesterday morning, the attempt to buy the dip also failed, but fortunately, I managed to cut losses in time; otherwise, profits would have been wiped out again!
Bitcoin continues to be sluggish, with bearish forces dominating. Bulls have attempted to fight back multiple times but have been suppressed and failed to effectively turn the situation around!
Bitcoin showed a short-term V-shaped rebound last night before dropping back to the 91000 region. Although there was a rebound, it was weak, with only a thousand-point range. The hourly Bollinger Bands have not touched the middle line, and on the 4-hour chart, the market continues to decline with consecutive bearish candles, while the lows keep moving lower. Bears may continue their dominance, and the suggestion for intraday trading is to primarily short on rebounds, with buying at low points as a secondary strategy!
Short Bitcoin around 93500-94000, looking down to 91500-91000
Short Ethereum around 3330-3350, looking down to 3200-3180
