Currently, from the perspective of the weekly chart, Bitcoin has broken through the 78.6% Fibonacci level (61375), and Ethereum has broken through the 61.8% Fibonacci level (3350). The overall trend indicates that the bearish trend has not yet completed. Even if there is a bullish counterattack, it needs to break through the above two key resistance levels.
On the daily chart, after the first probe to the 53500 level, Bitcoin rebounded to the 58500 level. The resistance level is between 58500-59000, and the layout for short positions is also based on this level. The market has also shown the expected second probe to around 54000. As mentioned earlier, the signal for the start of a bullish trend can be seen at the 60000 level. The rebound situation of Ethereum also basically meets expectations, reaching around 3100. The layout for short positions is also based on this level. The second probe accurately hit around 2800, and the 2800 level will not be easily broken. The subsequent signal for the start of a bullish trend can be seen at 3150-3350 for Ethereum.
On the 4-hour chart, the short-term pressure for Bitcoin is currently seen at the 58500-59000 level, with support at 54500-55000. For Ethereum, the short-term pressure is at 3100-3150, with support at 3000-2900.
The current market has shown the expected second probe action. As for whether it can open a bullish trend again like the previous trend, the key points are at 61500 for Bitcoin and 3350 for Ethereum. Personally, I believe that this trend is different from the previous one, and I still favor the continuation of the bearish trend. Yesterday, I positioned short for Bitcoin at 58500-59000, targeting 57500-56500, and for Ethereum at 3100-3130, targeting 3050-2950. The trend is without any problem. Whether to enter short positions depends on operational experience. Earlier, I emphasized the idea of continuing to favor the bearish trend. I see this bearish trend favoring Bitcoin to reach 50000, while Ethereum needs to observe the support at 2800. If it breaks through, continue to look at the 2600-2400 level!
Trading strategy: Continue to favor the bearish trend, continue to short on rebounds!
Short Bitcoin at 58000-58500, targeting 56500-55000, with a stop loss above 59000;
Short Ethereum at 3080-3110, targeting 3000-2900, with a stop loss above 3140;
The strategy is time-sensitive, and specific real-time guidance is the main focus!
Professional team's top analyst Ruoyu, focusing on contract trading guidance. Follow WeChat public account "币圈若渝" to understand real-time market analysis and trading strategies!
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