Trading philosophy: Look at the trend in the long term, find the position in the short term.
Market review: After multiple attempts, the market broke the downward trend. Bitcoin failed to hold the line at 62,000, and Ethereum fell to around 3,000. The lowest point was around 59,600 for Bitcoin and 2,920 for Ethereum. It is expected that after the market falls, it will rebound to confirm a new resistance level. Long positions can be taken at 59,900-60,400 for Bitcoin with a target of 61,300-62,000, and at 2,900-2,930 for Ethereum with a target of 2,980-3,020. These targets were accurately reached, but after the market approached the resistance level, it fell as expected but failed to reach the target before rebounding again. Short positions basically exited with minimal profit.
Technical analysis: For Bitcoin, the daily Bollinger Bands are widening, the MACD moving average is running downward, the bearish volume continues to increase, and the KDJ line is running parallel. On the 4-hour chart, the Bollinger Bands are starting to contract, the MACD moving average is running upward, the bullish volume is gradually increasing, and the KDJ line is running upward. Various technical indicators for Ethereum are basically synchronized with Bitcoin!
In summary, the key levels of 62,000 for Bitcoin and 3,000 for Ethereum on the daily chart have been effectively broken. Once broken, the support will turn into a new resistance level. Although the current market rebounded and broke through the resistance level again, if it falls again on the daily chart, it will form an upward pin bar, so it is still recommended to short at high levels!
Trading suggestions:
Short Bitcoin in the 63,500-64,000 range, with a target of 62,500-61,500 and a stop loss at 64,500!
Short Ethereum in the 3,060-3,090 range, with a target of 3,000-2,950 and a stop loss at 3,120!
The strategy is time-sensitive, and specific guidance in real time should be followed privately!
Follow WeChat public account "允彦"!
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