Currently, from the daily chart perspective, Bitcoin's price has broken below the box bottom at 101,000 and has continued to decline to around 94,000. This position can be seen as a short-term support level, while the strong resistance above has shifted to the previous box bottom at 101,000. Therefore, if the price rebounds and touches the 100,000 mark, one should not blindly chase in, thinking that the trend has reversed; a real reversal occurs only when the price breaks above 101,000! Ethereum has similarly broken below the box bottom support level of 3,280-3,300 and has continued to decline to the previous low around 3,050. This position can also be seen as a short-term support level, with strong resistance above shifting to the 3,280-3,300 range. Similarly, a break above this level is a reversal signal!
On the 4-hour chart, Bitcoin has continued to decline after breaking below the 100,000 mark, currently consolidating in the 94,000-97,000 range. A break above will test the resistance at 100,000, while a break below will reference 93,500-92,000. Ethereum's overall decline is smaller than Bitcoin's and has not broken below the previous low, currently consolidating in the 3,100-3,250 range. A break above will reference 3,400, while the downward continuation looks towards 3,950-3,800!
As mentioned multiple times before, the box structure allows for high selling and low buying before a breakout, and after a breakout, one should follow the trend! The current market is at the top of the consolidation range, so we should initially consider shorting as it has not broken above!
Trading Strategy:
Short Bitcoin at 96,500-97,000, targeting 95,000-94,000, with a stop loss above 97,500;
Short Ethereum at 3,230-3,260, targeting 3,150-3,100, with a stop loss above 3,300;
The strategy is time-sensitive, and specific guidance should be based on real-time updates privately!
Professional team gold medal analyst Ruo Yu focuses on contract trading guidance. Follow the WeChat public account "Coin Circle Ruo Yu" to understand real-time market analysis and trading strategies!
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