Bitcoin is expected to break out of the M shape, continue to look down at midnight!

Bitcoin has risen and then pulled back; after peaking at 99950 in the morning, it began to fall back, reaching a low of 95153 before bouncing back. The current price is around 96300. Since Wednesday, Zhongliang has been informing everyone about the short position, relying on the middle track of the daily Bollinger Bands to pressure the market. The short positions at 99200 and 99700 were entered with targets set at 96500, 94500, and 92500. Currently, we have already reduced positions at the first target of 96500, then adjusted to a breakeven stop loss, and we continue to hold looking downwards.

The midnight view still anticipates a pullback to continue testing the lower support, but avoid chasing shorts directly. As shown in the chart, it remains to be seen whether the 4-hour level can form an M shape. The short-term resistance above to focus on is 96600 and 97600. Participating in shorts at these small intermediate resistance levels carries a high probability of stop loss, so position size should be small and stop losses should be well managed. For this pullback, the highest short position is clearly above 99000, where we have already entered a short and are holding it. However, many friends didn’t catch up, so if you want to participate in the market at midnight, you can short at 96600 and 97600. The lower support levels to watch are 94500 and 92500, with a stop loss set at 98000. If this level is broken, it is likely to test 100000 again, and there’s no need to hold the short. However, if it continues to fall, we will need to test the two supports at 94500 and 92500, so manage stop losses and control positions well; considering a short is feasible.

From the 4-hour perspective of Ethereum, it also looks likely to form an M shape. If it continues to drop below, we will need to test the supports at 3275 and 3220. If these levels can't hold, the next target will be 3105. At midnight, pay attention to the resistances at 3390 and 3420, and you can try a small short with a stop loss at 3440.