After waking up, the bears have been liquidated for a lot of chips again. In the past 24 hours, short positions were liquidated for $3.1 billion, while long positions were only liquidated for $120 million. Looking at the hourly chart, the market was in a narrow range yesterday during the day, moving quite well, but suddenly two large bullish candles took off at night, pushing the price up to around 94455, scaring the bears to the point of trembling! I wonder if everyone has averaged up their short positions? Bitcoin is doing okay, but looking at Ethereum, it was even more ferocious yesterday, with the price jumping from 3090 directly to around 3397, and most short positions should have been stopped out. Those who were short at 3100 always thought the price was too low, and now they have finally averaged up.
The rise in Bitcoin is not a trend reversal, but rather a result of too many recent short positions that have not been liquidated. After each previous rise, the market was smashed down, which also cleared out a lot of long positions. So, a little rise is needed to allow more long positions to enter. Recently, the market has been fluctuating back and forth, rising and then crashing, and then rising again, with insufficient liquidity. The market makers are repeatedly washing the positions, eating up chips back and forth, so everyone must avoid chasing highs and cutting losses!
Bitcoin has three consecutive bullish daily candles, but they all have upper and lower shadows. Yesterday, the price tested the upper resistance of the daily candle, and currently, the price is under pressure from the upper resistance, undergoing a consolidation. In the short term, on the 4-hour level, after reaching a high of 94555, the price broke through the upper resistance but then closed with two consecutive bearish candles. The MACD shows a decrease in bullish momentum, the KDJ has formed a dead cross at a high position, and the RSI is overbought and moving downwards. It is not recommended to chase highs today; even if you are not optimistic about the bears, it is necessary to wait for a pullback to test support before considering participation!
For those without short positions, pay attention to the upper resistance at 93700, 94500, and 96700. If there is a pullback, the support levels to watch are 91800, 90300, and 88000. This is the short-term target. If the price breaks below 88000, it will need to test 86000, 84000, or even 80000. For those who are trapped in short positions, manage your position well; averaging down should be done at least 2000 points apart. After averaging down, ensure that the margin is controlled at over 10% to be considered safe.
Ethereum is even stronger, showing a four consecutive bullish candle trend. Yesterday, a large bullish candle broke through the 0.5 (3138) and 618 (3260) levels. Currently, the upper resistance is at 786, around 3433. Yesterday's high was around 3397, which faced resistance. The current price is around 3320, fluctuating near the upper Bollinger band. On the 4-hour level, there is a need for a pullback after reaching a high. The strategy for today remains focused on short positions; if you missed the long positions, do not chase the highs. The upper resistance to watch is at 3380 and 3480, and short positions should be arranged around here. If there is a pullback, the support levels to watch are 3230, 3150, and 3060. A break below 3000 will lead to a test of 2900, 2820, 2730, and 2620. Ethereum can be quite volatile, so it is essential to manage your position well. When averaging down, do it every 200 points, keeping the position below 10%. This 10% refers to the total position across all assets, not 10% for each asset, so arrange your positions reasonably.
Recently, the market has been sweeping back and forth between bulls and bears. In terms of operations, it is mainly focused on short positions. The tide turns, so it is crucial to manage your position and avoid chasing highs and cutting losses; otherwise, it will be uncomfortable to be hit back and forth. The market makers liquidate long positions and then short positions, trapping both sides, so there is no need to feel that those with long positions are sinners when the market is falling, nor to mock the long positions when the market is rising. It’s all a matter of perspective; both sides can profit, it just depends on where to enter and exit!
Aim for the long term, but set short-term goals. Instead of lying still and dreaming, it’s better to gradually approach your dreams; make choices for the long term, but take action in the short term. Perseverance will lead to success, while aiming too high can lead to emptiness. Build connections for the long term, but maintain close relationships in the short term; relationships driven by interests are not deep, while those resonating with the heart are true friends. Without a cocoon, one cannot experience the joy of breaking free; without risks, one cannot feel the pride of standing out; without failures, one cannot forge a stronger shoulder through setbacks. In everything, if you have no regrets in your heart, there is no need to worry too much. Live for yourself; no matter how perilous the journey or how difficult the path, do not passively change yourself. Only in this way can you be unique and stay true to your original intention to achieve your goals!
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