12.25 Afternoon Thoughts
We review today's market, Bitcoin continued the downward trend from yesterday, dropping from 96423 to 92520 in the early morning, then recovering upwards. We can see that around six o'clock, a small MACD golden cross appeared, indicating bullish momentum, recovering upwards to around 95480. It then started to retrace, just as mentioned in the morning, the market is in a wide fluctuation pattern. There's not much to say about the market structure; it's about selling high and buying low. In terms of operations, we bought low and sold high. During the morning thoughts, we set up a short position for orange. For the second Bitcoin, we entered at 3459, and took profit at 3360. We easily took a hundred points on that. We realized profit at 33452 for oil, achieving a small profit.
Returning to the current market, the afternoon trading is fluctuating between 93700 and 94700. From the market structure perspective, both bulls and bears are still testing the moving averages, so we will observe market sentiment. We can still judge that the bulls and bears are competing around the central point of 94300.
From the current indicators, the bulls dominate the market. We will take the lead, assuming the indicators fail, and watch for market manipulation.
Therefore, I will provide a short position strategy for the rebound here.
For Bitcoin, watch the resistance around 95200 and support at 93300.
For the second Bitcoin, watch the resistance at 3458 and support at 3360.
