Currently, from the weekly level perspective, Bitcoin has closed with a large bearish candle near the support level of 93500-94000. This is also the weekly support level where the price first broke the 100,000 mark and then retraced. If this support is broken down by the weekly candle, the next target could be around 85000! Ethereum also closed with a large bearish candle near the weekly support of 3100. Similarly, if this weekly support is broken down, the next target could be around 2800!
From the daily level perspective, although Bitcoin set a new low yesterday, it did not close below the support level of 94000, so it remains in a consolidation range overall, with the upper range at 95500-96000 and the lower range at 94000-93500. It is emphasized again that a daily close above 101000 would indicate a real change! Ethereum also set a new low at 3000, but the daily close remained around 3100. As mentioned earlier, 3050-3100 can be seen as a short-term support level, and overall it still maintains the range of 3100-3250, with strong resistance at 3280-3300. Similarly, a close above this level would signal a reversal!
On the 4-hour level, after Bitcoin's second dip to the bottom of the consolidation range at 94000, it has shown a small V-shaped recovery. The short-term range of 94000-97000 remains unchanged; a breakout would test the resistance level of 100000, while a breakdown would reference 93500-92000. Ethereum also showed a small V-shaped recovery after dipping to 3000. Overall, the range remains at 3100-3250, with a breakout reference at 3400, and if it continues to decline, watch for 3950-3800!
Yesterday's analysis indicated that the current market is at the top of the consolidation range, so the strategy was to short until a breakout occurs. The short positions for Bitcoin and Ethereum were all successfully closed for profit. Although today's market has shown a small V-shaped recovery, it is still viewed as not having broken out yet, so continue to set up high-level short positions. If a breakout occurs, consider entering with a light position!
Trading Strategy:
Short Bitcoin at 96000-96500, target 95000-94000, stop loss above 97500;
Short Ethereum at 3220-3250, target 3150-3100, stop loss above 3300;
The strategy is time-sensitive, please refer to private real-time guidance for specifics!
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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