Market Review

Another round of precise arrangement. In yesterday's arrangement, we focused on the short-term surge of Bitcoin and captured the desire for Bitcoin to challenge the previous high. We suggested entering a short position at the 38300 level for Bitcoin, synchronized with Ethereum. The market perfectly matched the trend in the later session, with Bitcoin encountering resistance at the previous high pressure of 38500, firmly holding the 38500 level and then experiencing a retracement, dropping to a low of 37551. Ethereum also followed the decline to the 2019 level. We successfully completed this round of arrangement and profit-taking. Bitcoin gained more than 700 points, and Ethereum gained more than 50 points. The bearish trend is still not over, and everyone needs to remain patient.

Market Analysis

It was not unexpected for Bitcoin to encounter resistance at the 38500 level in this round of surge. We mentioned this in detail earlier, clearly stating that the current lack of narrative sentiment in the cryptocurrency market makes it difficult for the bulls to continue. The timely boost from the US third-quarter GDP annualized data once again raised concerns about stagflation risk, leading to the following market situation. This also led to uncertainty in the interest rate path in the subsequent speeches by FOMC officials. Therefore, our timely adjustment of strategy perfectly matched the market, and we can still expect further retracement in the future.

Looking at the market, the current Bitcoin price is oscillating above the 1H level MA120, receiving support from the moving average. However, focusing on the daily chart, the retracement from yesterday's surge caused the daily candlestick to close as a doji, and the moving average indicators are also in a highly oversold state. This is a clear continuation signal for the bearish trend. Therefore, the short-term support becomes unreliable, and we can arrange short positions around the resistance on the daily chart for the future.

Intraday Suggestions

Enter a short position for Bitcoin around 37800-38100, with a target of 37400-37100.

Enter a short position for Ethereum around 2035-2055, with a target of 2005-1985.

For more strategic guidance, follow Yunshe Weibo, 500,000-follower financial analyst: Blockchain Yunshe

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。