The rebound will test the weekly K-gap. Don't get too carried away with chasing the rise, and wait for high shorts!

CN
2 hours ago

Good afternoon, it turns out that having a little drink helps to sleep better. On Monday, the market crashed, overwhelming the bulls. On Tuesday, there was a deep V-shaped recovery, overwhelming the bears. On Wednesday, the market consolidated at a high level, with continuous pin bars, leading to another false short signal. On Thursday, the market surged directly in the early morning. Those who were trapped in short positions on Tuesday and haven't set stop losses need to be cautious. Don't add to your positions; after holding for so long, it's hard to let go, so definitely don't add to your positions. Otherwise, forced liquidation will only become more dangerous. Yesterday, Zhongliang provided everyone with what he considered the last line of defense at 93,500 and 3,150, both of which hit stop losses. The short positions have temporarily surrendered. The shorts from the beginning of the month at 93,300 and 3,100 saw a maximum floating profit of 33,000 USDT when the market crashed on Monday. At that time, I didn't pay much attention because I was holding a tail position, so I wanted to continue holding. I didn't expect this rally to provide an opportunity to add to positions!

Bitcoin is currently filling the gap on the weekly chart, so it's not advisable to short in the short term. Although there is no resistance yet, don't get too aggressive chasing the rise; instead, wait for a pullback to go long. The upper band of the daily Bollinger Bands, which was previously opening downwards, has now started to slightly open upwards, while the middle band is flattening out, and the lower band is still opening upwards. This rebound, if we refer to the previous rebound from 80,600 to 93,080, rebounded by 12,480 points, which is about a 15.48% increase. This wave of rebound from the bottom at 83,786, if we reference the previous rebound amplitude, suggests that the upper high point is around 96,700. This is also the high point of a small double top on the daily chart on the 15th and 16th of last month. If it retraces to the high point of 80,600, the extreme rebound position to watch this week is around 96,700. Today, the highest has already reached around 94,200. For short-term longs, it's still advisable to patiently wait for a pullback before participating. For those trapped in short positions, the two key levels that will determine whether the trend reverses are 96,700 and 102,000, so definitely do not blindly add to positions and pay attention to your forced liquidation.

Bitcoin's low long position waited for a day yesterday, but the market didn't provide a pullback opportunity. Today, after a slight adjustment, the current price is around 93,500. The support below is at 92,500 and 91,500. If it retraces here without breaking, then it can be considered to go long. The resistance above is at 94,500, 95,500, and 96,500.

Ethereum is currently priced at around 3,210. The support below is at 3,100 and 3,050. If it retraces here without breaking, then long positions can be considered. The resistance above is at 3,150, 3,200, and 3,250.

For those looking to set up high shorts, patience is required. The intraday operation should focus on low long strategies. The positions for high shorts in Bitcoin are at 96,700 and 102,000, and for Ethereum at 3,420 and 3,680. Therefore, those with trapped short positions must pay close attention to their risk control!

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