First of all, our short position from yesterday was solidly stopped out. In the case of a significant retracement after three consecutive attempts to break through the resistance level, it was quite unexpected that the market could rebound strongly and test the resistance above 71,200 again. At the same time, we have to admire the resilience of the bulls. However, despite the admiration, the trend is indeed too hesitant. Normally, in an upward trend with oscillations, after an adjustment, we would continue to follow the trend and go long because of the push from the major trend. However, if the short-term resistance is under pressure during the oscillation, there is a risk of a change in the short-term trend. Considering this week's trend, significant retracements occurred at each resistance level, indicating insufficient upward momentum. It's not wrong to look for a retracement; it's just a game between the bulls and the bears.

At present, the outcome of this game is still uncertain. The daily chart turned positive again yesterday and managed to stabilize above the key level of 70,000, maintaining a good upward trend line in the short term. Therefore, we have reason to continue to be bullish in the short term. We have to admit that Wednesday's decline did disrupt our judgment. In the short term, 71,200 is still a barrier that the hourly chart finds difficult to overcome. After breaking through last night, there was a retracement, but fortunately, it was not significant. However, this retracement was based on the continuous upward trend from yesterday, which is a normal adjustment because the gains were not given back. Intraday, we will focus on the resistance at 71,000-71,200, and the primary focus for the day is to build a long position around this level.

Short-term long position for Bitcoin at 70,400, with a target of 72,000

Ethereum is still on the weaker side. Fortunately, it held above 3,550 yesterday, which is the key resistance level that was broken last week on the daily chart and has become the watershed for the short-term trend this week. After a pullback in the coin price yesterday, it rebounded and once again broke through the 3,600 level during the day, but the overall trend is still weak and oscillating. We still maintain a bullish view above 3,550. The heavy resistance on the daily chart is at 3,670. Once this level is effectively broken and stabilized this week, the short-term bulls will accelerate their upward movement. The short-term horizontal adjustment on the hourly chart will rebound based on 3,530-3,550, and the resistance above will be focused on 3,620.

Short-term long position for Ethereum at 3,530-3,550, with a target of 3,620

This article is an original work by myself, Xiaofeng, and the above analysis is only my personal opinion, for reference only. Investment involves risks, so please be cautious when entering the market. Please indicate the source when reposting! For more analysis and advice, please follow the public account: Xiaofeng's Coin Analysis or V: btc102088.

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