Jiangfeng Capital: July 6 BTC/ETH Market Daily: Do not be a fence-sitter; chasing up prices when you see a rebound can easily get you hit from both sides.

CN
2 hours ago

Yesterday, BTC touched a low of 62400 and rebounded again to around 63980. I continued with the short position from yesterday's article at around 63600 to 64000. Note that short positions need to be reduced near 62500. Although I firmly hold a bearish view, the recent surge has indeed been somewhat unexpected. It would be prudent to reduce positions near support before attempting to bet again; everything should be focused on stability! Today's strategy remains unchanged, mainly favoring high shorts!

Let's discuss today's perspective:

For Bitcoin, the resistance overhead is around: 63400~64000~64500~65000, with target reference for the support below: 62500~61000~60000~58000, reduce 70% of positions, and continue betting for the remaining positions near 55000~50000.

For Ethereum, the resistance overhead is around: 1820~1850~1880, an aggressive initial position can be taken near 1800, with target reference for the support below: 1750~1680~1600~1500, reduce 70% of positions, and continue betting for the remaining positions near 1450~1380.

Operational logic:

Currently, the price of Bitcoin has reached the monthly EMA55 moving average resistance near 63500. The daily price has broken through the 21-day moving average, with upper EMA55 resistance near 66200. The RSI has begun to turn downwards, and the KDJ has diverged downwards from a high position, with the J value reaching 94. The increasing trading volume from the recent rise is insufficient, and the price is likely to experience a quick drop. The MACD green energy bars on the four small timeframes are expanding and nearing the zero line, with the fast and slow lines showing signs of forming a dead cross!

In conclusion: BTC has inertia for short-term rebounds, but a volume-less rise is hard to sustain. The stability of the bulls is weak, with very limited space above, while the stability of the bears is structural, with more significant space below. Therefore, I still firmly hold the strategy of giving up longs for shorts.

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