Bitcoin, 66800 came as scheduled, and the first stage of harvesting for our long position layout at 60000 in the mid-term has been completed. Yesterday, it was also suggested in the article that when the coin price reaches this level, positions can be reduced. The purpose of reducing positions is to ensure interests and avoid risks, rather than indicating that the coin price has peaked and will turn downward in the short term. So, after reducing positions, what kind of trend will Bitcoin experience in the short term? Let's analyze it briefly.

Bitcoin completed a continuous rebound after a second retracement below 60000 last week, recording a gain of more than 7600 points from the low point at 59600 to the early morning high point at 67250. During this period, the low point to above 65000 was completed within a short time on Friday, which means that the coin price has actually been in a rebound adjustment since Saturday. However, the daily chart has seen five consecutive gains, and the coin price has just rebounded to the resistance level of 66800. Therefore, if it encounters resistance at this level, there is a possibility of a pullback on the daily chart.

Secondly, the hourly chart is currently holding steady above 66500. In the short term, if the coin price remains above this level, it will support our bullish view. Therefore, if the short term can break through and stabilize above 66800 after a pullback during the day, the uptrend on the daily chart will continue to the 68000 level. The 68000 level on the daily chart is the watershed for long and short positions in the high range. This position is also the resistance level that I personally believe this round of rise relying on 60000 will test. However, it is still worth noting that Bitcoin is still maintaining a high range oscillation structure between 59600 and 73000. Even though the rebound in this round has reached 7600, it is still operating within the range, not in a one-way direction, let alone breaking through.

Looking at today, after the morning pressure falls back, the short-term support level is near 66200. Buying first at this level if it retraces. Focus on the situation of breaking through 66800 for the second time above, and if it stabilizes, the focus today will be on the bullish side, with a target of 68000. If the rebound is under pressure today, then try to enter the short side based on the actual trend in the 66800-67000 range.

Ethereum is still weak, but fortunately, the daily chart stabilized above the conversion level of 3130 in yesterday's rebound. However, there is heavy pressure above, making it extremely difficult for the bulls. The daily chart is currently suppressed at the 3220 level, and the short term has been under pressure multiple times. If it can break through and stabilize strongly during the day, it is expected to rebound to the 3300 level; otherwise, there is a risk of a short-term pullback. For today, the focus is around 3150-3170 on the downside.

This article is an original work by myself, Xiao Feng. The above analysis is only my personal opinion, for reference only. Investment involves risks, and entering the market requires caution. Please indicate the source when reposting!

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