Monday, a new week has begun, good morning everyone!
Yesterday, I suggested to everyone to continue with the bearish idea around the 96000 level. Bitcoin has been fluctuating downwards since it rebounded from around 95700 on Sunday morning, hitting a low point of around 93000 in the early hours. Congratulations to those who followed the idea, gaining over 2000 points.
Currently, in terms of the chart pattern, the weekly candle shows a long upper shadow and a bearish candle. The moving averages above have begun to form resistance, and in the short term, the trend remains bearish. On the daily chart, after last week's rebound reached the middle Bollinger Band and faced resistance, there hasn't been much significant rebound. Therefore, we will continue to follow the market's direction and lay out short positions while waiting. For now, the key resistance level remains at last week's high, but with the moving averages shifting downwards, if the price further retracts, the extent of the short-term rebound is expected to be limited. The first support below continues to hold around 92000. Once this level breaks down, it could potentially open up new downward space. Thus, in the short-term operation, we will continue to view the market as weakly adjusting.
As for Ethereum, it has been oscillating within a range for nearly 10 trading days without any breakout action. Yesterday, after rebounding from around 3410, it continued to fluctuate downwards, stopping again at around 3320 in the early hours, but the rebound strength is very weak. From the current pattern, the support at around 3300 is likely to fail, and breaking below is a high-probability event. Therefore, in the morning strategy, a slight rebound can be used to short once!
On Monday morning, Bitcoin rebounded near 94000 for a short position, targeting 92000, and if it breaks below, continue to look at the 90000 level. For Ethereum, consider shorting in the 3370-3400 range, targeting 3200, and if it breaks below, continue to look at the 3000 round number! #加密市场调整
