From yesterday to early this morning, the market completed another cycle. The price of Bitcoin (大饼) dipped to a low of 97276, followed by a small upward movement. From the early morning to dawn, there was again a slight upward movement, reaching a high of around 98836, but it still couldn't break out of the range. In the short term, we are experiencing fluctuations and reversals. Today, we should focus on making short positions at high levels.
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The daily chart of Bitcoin continues to show a Doji candlestick pattern. At the beginning of this week, it hasn't broken out of the range, with three consecutive days of consolidation. The candlestick bodies are relatively small, maintaining a range of 97000-99000 with slight fluctuations. The range compression is minimal, essentially reflecting a tug-of-war market. This week, we still expect downward pressure in the 990000-1000000 area. The rhythm of fluctuations and the range generally meet expectations. On the 4-hour chart, there have been multiple attempts to test the upper boundary of the range near 99000. This week, it may continue to test upwards and potentially break through to reach around the 100000 mark. However, considering the recent trends and the larger trend, we still maintain the basic judgment of shorting at the upper boundary and looking for the lower boundary. The bearish trend remains unchanged; short-term operations will still focus on the fluctuation market. The Bollinger Bands are in a contracting state, which is the best operational range. Look for shorts at the upper boundary and watch for the lower boundary. Currently, the Bollinger Bands show slight signs of opening. Structurally, the immediate rebound after touching the lower boundary yesterday raises concerns about the sustainability of the recent price decline, and there will likely be a small rebound first. Based on the above, morning operations can focus on shorting during rebounds, with a tug-of-war fluctuation market. Both long and short positions provide good space, and the entry points are particularly important, at which time we will also consider the patterns around the entry. Pay attention to changes in strength and weakness rhythm; whether the range continues to fluctuate or breaks effectively will determine the continuation of strength and weakness.
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In the morning, Bitcoin can be shorted at 98800-99300, targeting around 96500; Ethereum can be shorted at 3650-3680, targeting around 3530.
