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BTC
12-hour market review: After the 8:00 am opening, there was a quick dip, touching the slope line and then rebounding rapidly. Currently, it is also above the slope line.
Recent focus: Support in the range of 56100-56600, and resistance in the range of 59300-59600. Pay attention to acceleration if the range is broken.
Structural form: Double top on the 2-hour chart, with the neckline at the 59300-59600 range. Currently, the slope line support is effective.
Trading ideas<<<<<<
Long position: Buy on the pullback within the range of 57500-57800 without falling below, and go long if a bottom pattern signal appears on the 5-minute or 30-minute chart.
Long position: Buy on the pullback within the range of 56100-56600 without falling below, and go long if a bottom pattern signal appears on the 5-minute or 30-minute chart.
Short position: Sell on the rebound within the range of 60800-61200 without breaking through, and go short if a top pattern signal appears on the 5-minute or 30-minute chart.
Short position: Sell on the rebound within the range of 59300-59600 without breaking through, and go short if a top pattern signal appears on the 5-minute or 30-minute chart.
Personal viewpoint:
The speed of BTC's recent decline has indeed been a bit fast, but the decline and depth are within expectations. Currently, we need to focus on whether the red slope line can effectively support the market and whether the uptrend can continue.
If the slope line is broken, the decline will continue. And the duration may be quite long (a few days or even a dozen days of low-level consolidation).
For real-time strategy recommendations, please follow the official account to receive.
Everyone should pay attention to position management and be cautious about heavy positions.
Graphical explanation: The yellow line represents the structure and form, the red line represents the slope line of the wave, and the white line represents the key neckline support and resistance. Go short near the upper range within the range, and go long near the lower range. If the support and resistance are broken, you can lightly chase long or short positions. Set stop loss at the top or bottom of the broken candle.
ETH
12-hour market review: After the 8:00 am opening, the downtrend continued with a quick dip to the key support, followed by a rapid rebound. Currently, there is a signal of a halt in the 2-hour chart.
Recent focus: Resistance in the range of 2340-2360 above, and support in the range of 2265-2240 below. Pay attention to accelerated decline after breaking through. Extreme dip: 2175 level.
Structural form: A 2-hour expanding triangle, and an accelerated decline after breaking the slope line.
Trading ideas<<<<<<
Short position: Sell on the rebound within the range of 2460-2480 without breaking through, and go short if a top pattern signal appears on the 5-minute or 30-minute chart.
Short position: Sell on the rebound within the range of 2360-2340 without breaking through, and go short if a top pattern signal appears on the 5-minute or 30-minute chart.
Long position: Buy on the pullback within the range of 2175-2095 without falling below, and go long if a bottom pattern signal appears on the 5-minute or 30-minute chart.
Long position: Buy on the pullback within the range of 2265-2240 without falling below, and go long if a bottom pattern signal appears on the 5-minute or 30-minute chart.
Personal viewpoint:
After the last dip and retest of the shadow line, ETH experienced a one-way uptrend. After the one-way uptrend, it formed an expanding triangle. I believe many people did not pay attention to this expanding triangle because the point difference between the upper and lower boundaries of the expanding form will continue to increase, leading many to believe that such a market is unlikely to occur.
The current market trend is all within the lines I drew in my previous article, including the position of this dip, which was clearly indicated in the picture in my previous article. Currently, the market seems to be rebounding after the pullback, rather than continuing to plummet. The reason is that this decline did not break through strong support, nor did it reach the extreme dip point of 2175 mentioned in our previous article. Therefore, as long as it does not break the new low, as long as the market does not fall below the new low, we should not be overly bearish!
Today, many people have messaged me about the news, saying that ETFs have been delisted, and so on. What I want to say is, didn't I accurately predict the market trend and the position of the dip without looking at the news? News, since it is news, is disseminated for a purpose, and we should try to understand their purpose rather than panic blindly.
Finally, I want to tell everyone that all the trades we make are based on price action. Please note: it is price action trading.
Everyone should pay attention to position management and be cautious about heavy positions.
Graphical explanation: The yellow line represents the structure and form, the breaking of the large wave slope. The white line represents the key neckline support and resistance. Go short near the upper range within the range, and go long near the lower range. If the support and resistance are broken, you can lightly chase long or short positions. Set stop loss at the top or bottom of the broken candle.
One cold knowledge a day:
How to lightly position for long-term trades, divide the total position you want to enter into 2-4 entries. After entering, do not sell randomly. For long-term trades on the daily chart, do not exit without a double or triple candle reversal signal. (Light positioning cannot withstand the volatility of the dip)
Analysis and strategies are time-sensitive, please refer to the real-time guidance from "WeChat Official Account: Full-time Intraday Trader" for specific details!
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The author has been engaged in financial market investment research for many years, mainly analyzing and guiding stock, futures, and cryptocurrency contract/spot operations. If you need to understand more real-time guidance, seek advice on unwinding positions, or learn chart reading skills, please feel free to follow "Full-time Intraday Trader" WeChat Official Account for more real-time market analysis.
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