Tonight, the price of Bitcoin saw a round of upward movement, reaching above 30,000. After the surge, the market retraced, and the entire trading situation revolved around the exploration of downside. Currently, the lowest price is around 28,000. The trend in the middle of the month is significantly stronger than at the end of last month. The intraday movement of over 1000 points has disrupted the previous narrow range oscillation rhythm. Currently, the price is running near 28,050.

Tonight, there is a continued significant downward retracement, starting from the high point of 30,000 and dropping vertically to the previous low point near 28,000. The lack of a double bottom during the decline is mainly due to the continuation of the upward trend on Monday without retracement, and the downward movement yesterday easily led to a vertical drop in the U.S. market. However, in terms of the daily rhythm, the lack of continuity after the sharp drop still indicates a oscillating pattern, and there is a rebound near the previous low point of 28,050.

So, tonight we need to see if the daily chart can continue to break the bottom after the sharp drop. Regardless of the rebound after the sharp drop, it is necessary to short first. If the rebound is strong, it indicates oscillation; if the rebound is weak, it indicates weakness. The smaller the time point of breaking the bottom, the greater the probability of a decline. Therefore, the timing of breaking the bottom is very important, as is the strength of the rebound. Therefore, the strategy for the day is to follow the high and short.

Bitcoin strategy: Short directly near 28,500, target 28,000

Ethereum strategy: Short near 1590, target 1540

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