Good afternoon everyone! This morning, the second pullback broke the 70,000 level, with a minimum dip to around 68,800. The afternoon market is calm and does not show much fluctuation, instead rebounding back to around 69,500 and continuing to oscillate. The rebound strength has not broken the 69,700 level. There is some operational space provided both above and below, but friends who entered at high positions can still hold patiently. Let the bullets fly for a while; after all, the pressure on bulls from the news front is still quite large. Yesterday, Trump congratulated Bitcoin on its 16th anniversary on Twitter, and overnight, Fox News flipped, with polls showing Harris surprisingly overtaking in several key states. This news is definitely a bearish signal for the currently positive sentiment in the crypto market, and it is one of the reasons why the coin price experienced such a significant pullback. This evening, there will also be the release of non-farm payroll data, and I will timely share my thoughts with everyone, hoping it will be more helpful for you.
Currently, looking at the market, the daily chart shows three consecutive bearish candles dipping near the middle track, and the Bollinger Bands are gradually narrowing. The support at the middle track is around 68,000, which is our short-term target position for the bears. Of course, if the middle track structure on the daily breaks, it will mean there is still some space below. Recently, there haven't been many positive news, so the strong bearish trend will continue. Looking back at the pullback is definitely a very correct choice. Additionally, looking at the current four-hour chart, after the price broke 73,000, the market oscillated at a high level, and the price has now attempted to move downward, breaking the bullish pattern. The current K-line's running range has fallen below the lower track, indicating a continued downward trend. Therefore, our operations before the release of the non-farm payroll data this evening will not chase long positions after a low pullback; we will continue to maintain a bearish outlook.
Bitcoin can be shorted between 66,500-66,700, with a short-term target near 68,000. Ethereum can be shorted between 2,510-2,530, targeting around 2,430.