Market Review

In yesterday's analysis, we put forward two points. First, we should focus on the retracement in the short term. Second, we should arrange long positions around the lower level. The initial arrangement was perfectly reflected in the market. Bitcoin retraced to the 67,800 CNY level from the lowest point of 64,500 CNY, while Ethereum retraced to 3,580 CNY from the lowest point of 3,415 CNY. This is in line with our expectation of Bitcoin dropping to around 65,500 CNY and Ethereum to 3,430 CNY. Subsequently, our long position strategy also played out as expected. Ethereum rebounded above the 3,500 CNY mark, reaching our profit-taking target. Unfortunately, Bitcoin is currently only being held to break even. Nevertheless, this round has still secured over 3,000 points for Bitcoin and over 250 points for Ethereum. At present, it is suggested that holders of long positions in Bitcoin should consider taking profits around the 65,900 CNY level.

Intraday Analysis

Regarding the macro market, as we mentioned yesterday, there is not much additional analysis to add. We just need to maintain expectations for a series of upcoming positive developments. One point to note is Grayscale's Bitcoin holdings, which currently stand at 355,000 BTC. The target holding for Grayscale Trust is 250,000 to 350,000 BTC, so it is not far from the target. It is possible that after the final round of selling, Grayscale will no longer reduce its holdings, reducing one potential bearish factor in the market and providing a more stable environment for the bulls.

From the market perspective, although Bitcoin encountered strong selling pressure around the 68,200 CNY level, it is foreseeable that there is buying support at the moving average level below, which will likely reduce the short-term retracement. The previous expectation of an upward movement may soon materialize. Currently, we only need to focus on the possibility of Bitcoin reaching the retracement level of the MA60 moving average on the 12-hour chart, around the 63,800 CNY level. If the next retracement successfully finds support at this level, then the future outlook for long positions will be quite certain.

Intraday Suggestions

For Bitcoin, it is advisable to prioritize arranging long positions around the 64,600-64,000 CNY level and be prepared to defend around the 63,200 CNY level. As for Ethereum, it is best to remain patient and refrain from taking action until a clear bottom is formed.

For more strategic guidance, follow Yunshe on Weibo, a financial analyst with 500,000 followers: Blockchain Yunshe

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