A day passes quickly. In the morning, I suggested going long on Bitcoin, which perfectly took profit and rebounded to $86,000. Ethereum's performance is weaker, only rebounding to $1,650. Currently, the market is starting to retrace, and the rebound is gradually losing momentum as bears begin to counterattack. At present, Bitcoin is priced at $85,600 and Ethereum at $1,630. Based on the current trend, the market is likely to decline further, so it's time to exit long positions and prepare to enter short positions.

Technical Analysis

The Bollinger Bands are gradually narrowing, and the market trend is becoming smaller, indicating that we will enter a period of consolidation. This phase will not last long, and once the consolidation ends, the trend will likely expand further. The KDJ has formed a death cross, and the MACD green energy bars are gradually increasing. The four-hour chart is running near the support of the middle Bollinger Band. If the middle band is broken, the market decline will further expand.

Trading Suggestions

For Bitcoin, it is recommended to short near $85,600 with a target of $84,400.

For Ethereum, it is recommended to short near $1,630 with a target of $1,580.

There are many types of investments, and it is important to choose what suits you best. There are many paths, and choosing the right guide is crucial. I am Gu Yue, interpreting global economic news, analyzing major global investment trends, and providing daily market analysis to offer you the latest trading strategy ideas and professional investment consulting services to help you reach the peak of financial management.

This article represents personal views only and is for reference only. It should not be used as a basis for actual operations. Market changes are unpredictable, and profits and losses are at your own risk. For the latest trading strategies, follow the public account: Gu Yue KOL.

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