Most opening positions are accompanied by a sense of timidity, while also thinking that they are more capable than they appear. Every trader should possess two kinds of determination: the courage to start from scratch and the composure to remain unfinished. An excellent trader is someone who, despite experiencing repeated failures, never loses their passion! Following the strong PPI data earlier this week, the US September CPI also exceeded expectations on Thursday night, but the overall impact on the market was not too significant, which aligns with our expectations. After all, given the current momentum, the probability of a rebound after accelerating to the downside is relatively high, leading to a period of oscillation and further decline.
Our morning update on Thursday already provided a very clear strategy. For short-term trading, we directly short Bitcoin at 26840 and Ethereum at 1566, while taking a 300-point plunge for Bitcoin and nearly 50 points for Ethereum during the midnight sell-off. This highlights the importance of having a clear strategy. Once the structural pattern is established, the remaining task is to enter the market and follow the layout. Essentially, the publicly available strategies are all based on the current market conditions. Therefore, there is no excuse for not being able to keep up with the market movements.
From the current market structure, it is still evident that the weak acceleration to the downside has transformed into a weak oscillation, and the short and medium-term outlook remains bearish. In a weak market, there is a fear of bottoming out and rebounding, but the current consolidation is still a good signal for the continuation of the bearish trend. The candlestick chart has replaced spatial corrections with time-based adjustments, and this kind of consolidation still represents a phase of accumulation. There has been no significant change from before, and for us, it is sufficient to follow the bearish trend while waiting for a second acceleration to the downside.
On Friday, we will focus on shorting Bitcoin near 26800-27000, with a target around 26000, and shorting Ethereum near 1545-1565, with a target around 1490.
There is no shortage of analysts in the market, but Chenyue has his own style. I don't like to complicate things because investors simply won't understand what you're saying. Chenyue's approach is to express his ideas in plain language, as long as it achieves the goal of investor comprehension, then it is successful! Each of Chenyue's articles is a result of painstaking effort and is purely original. For those who wish to seek advice on trading strategies and solutions, you can follow Chenyue's official WeChat public account on the official website of Chenyue Tanbi!
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