After a sharp rise and fall forming a V-shape, do you still have confidence in the bulls?
The volatility isn't that significant; Bitcoin dropped from £67,000 to around £67,300, a drop of only £1,400. So why are there so many liquidations? In the last 24 hours, long positions were liquidated amounting to $31.35 million, another shocking figure. We had a long position at £67,700 for Bitcoin, and it peaked at £68,748 before retreating. So, long positions can definitely be profitable, it's just a matter of how much. In a fluctuating market, if you trade short-term, you must not lose sight of the bigger picture; otherwise, it's easy to give back profits.
Originally, I thought that after reaching £67,700, we could push up to £69,500 and touch the £70,000 mark, but it quickly dropped again. The current price is around £67,500. Looking at the 4-hour chart, the bullish momentum is starting to weaken. After testing the upper resistance, it has pulled back. The MACD bullish momentum bars are decreasing, and the KDJ has formed a death cross and is moving downwards. Watch closely for support at the middle line around £67,200. On the hourly chart, after hitting the upper resistance, it formed a long upper shadow and a bearish candle, followed by a large bearish candle that dropped down to the lower support. The current price is oscillating between the lower support and the middle resistance, with the MACD bearish momentum bars starting to increase, and the KDJ death cross is moving downwards. In the short term, there is still a demand for a pullback. The key position below is £67,200; if it doesn't break here, it can still rebound. If it stabilizes above £68,000, the bulls will be solid!
Midnight strategy: Buy at £67,200 and £66,700, targets £68,000, £67,700, and £69,500, with a stop at £66,300.
Ethereum's intraday levels were given to everyone at £2,500 and £2,460 for long positions, with an average price of £2,480 already having a reduction reminder at £2,540. The highest rebound in the evening was around £2,565, providing a rebound space of 85 points. Securing a profit of 60 points on Ethereum's long positions was quite easy. The key support to watch below is the round number £2,500. If it holds here, it's just a pullback, and the bulls can still make moves. The upper resistance levels to watch are £2,560 and £2,620, with support below at £2,500 and £2,470.
Midnight strategy: Buy on pullbacks at £2,500 and £2,470, targets £2,560 and £2,620, with a stop at £2,440.
The above is merely personal opinion; investment carries risks; enter the market with caution!
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