Trading philosophy: Look at the trend in the long term, find the position in the short term;
Market review: After multiple tests in the early morning, the market broke the downward trend. Bitcoin fell to around 59600, and Ethereum fell to around 2920 after failing to hold the line at 62000 and 3000 respectively. As mentioned in the previous post, once the market breaks through the support, it is possible to follow the trend and enter long positions at new support levels below. It is expected that after the market falls, it will rebound to confirm new resistance levels. Long positions can be taken at 59900-60400 for Bitcoin with a target of 61300-62000, and at 2900-2930 for Ethereum with a target of 2980-3020. These targets were accurately achieved, and the market also fell as expected near the resistance level.
Technical analysis: For Bitcoin, the daily Bollinger Bands are widening, the MACD moving average is trending downward, the bearish volume continues to increase, and the KDJ line is trending downward. On the 4-hour chart, the Bollinger Bands are starting to widen and trend downward, the MACD moving average is running parallel, the bearish volume is gradually decreasing, and the KDJ line is trending downward. As for Ethereum, various technical indicators are basically synchronized with Bitcoin.
In summary, the key levels of 62000 for Bitcoin and 3000 for Ethereum on the daily chart have been effectively broken. Once the support is broken, it will turn into a new resistance level. As mentioned in the early morning post, the market will rebound after confirming the resistance level and then fall again. Subsequent operations can be based on short positions near the resistance level.
Operational suggestions:
Short Bitcoin in the 62000-662500 range, with a target of 61000-60000 and a defensive level of 63000!
Short Ethereum in the 3000-3030 range, with a target of 2930-2900 and a defensive level of 3060!
The strategy is time-sensitive, and specific guidance in real time should be followed for accuracy!
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