Market Review

Yesterday, we shared our views on the future trend of Bitcoin with everyone. At the same time, we made clear arrangements for the short-term trend. Before the price of Bitcoin failed to touch the 38500 support level for the second time, we can arrange short positions around the short-term rebound. The market yesterday also unfolded as expected. Bitcoin approached the 40300 level in the evening and then started a short-term retracement. Although this retracement did not touch the 38500 level, it did provide clear short-term support around the 39500 level from the previous day. This will lead to a new round of short-term rebound, so our intraday strategy remains unchanged.

Intraday Analysis

Yesterday, many students privately contacted Yunshan, saying that it's difficult to trade in the recent market, the trend is unpredictable, and long and short positions are not sustained. They often end up with losses. In fact, this is due to the recent prolonged one-sided trend, and it seems that everyone has forgotten that oscillation is the norm. After experiencing a big drop, the market still needs time to reorganize. This is actually a great opportunity for our contract operations. We don't need to speculate too much on trend judgments, and there's not much analysis needed for arranging around the range. In such a financial market, all you need to do is maintain a good mindset and make simple range judgments to easily reap the rewards.

Looking back at the market, this round of hourly rebound will continue for a certain period. Our long position target can be seen near the MA120 moving average on the 1-hour chart and near the previous high. From the daily chart structure, the high point was blocked yesterday, and although the low point did not refresh the recent low, it was lower than the previous day's low. Therefore, structurally speaking, the upward trend has been disrupted. In combination, we will focus on the resistance around 40300-40600 for Bitcoin in the intraday. If the market breaks through, our target can be seen at the 41000 level. Otherwise, we will enter short positions, with the target focusing on the previous low of 38500. As for Ethereum, our target is initially around 2240-2260, and holding above 2265 will lead to long positions; otherwise, short positions can be considered.

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