After each market wave, it is a baptism for friends who participate in it. Some are overjoyed, while others are once again taught by the market. It is always easy to follow the trend and painful to go against it. Following the trend and respecting the trend is the way of trading. Don't panic when the market rises or falls. Grasp the trend, achieve self-improvement, and follow the trend with me to taste the market's feast together.
Bitcoin probed higher and fell back on Friday, with the daily closing as a small negative K-line. After the bulls were pressured to fall back after probing the 43171 area, the US market lost the 42000 level and turned into a oscillating pattern. It closed at a low position, and the short-term rebound during the day continued to fall below the resistance point. Today and tomorrow are the closing works of the annual and monthly lines. There is a high probability of a market-cleansing wave, a window period where the market needs to reshuffle.
From a technical perspective, looking at the four-hour chart, the high-volume decline broke through the critical point of the middle track, changing the previous strong and slow rising pattern. However, the rhythm is still oscillating. The current bottoming rebound can be regarded as a correction by the bulls. The testing of pressure and support within the range is shifting with the change in form. Therefore, in the short term, attention needs to be paid to the key points of long and short positions. A slight rebound in the Asian market today can be used to open a short position and look for a new low for the week.
Bitcoin: Short at 42300-42500, target 41000, defend 43000
Ethereum: Short at 2325-2340, target 2230, defend 2365
Investment carries risks, and caution is needed when entering the market. If your trading is not going well and you are confused about the future market, you may consider seeking warmth here with the teacher. As long as you strictly follow the prompts, you will definitely be able to succeed!
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