On the daily level, Bitcoin continues to close with a large bearish candle around 84,000. It was previously mentioned that once the market breaks below the support at 92,000, a significant drop will follow. Currently, the bearish trend is very obvious, and the previous support levels will turn into resistance levels. Yesterday, it broke below the support level of 87,000 again, so we can now view 87,000 as a resistance level. It is expected that if Bitcoin continues to break down, it will reach around 73,000. Ethereum continues to close with a bearish candle around 2,330, also following the expected downward trend. Yesterday, it broke below the support level of 2,400-2,350, which can now be seen as a new resistance level. If Ethereum continues to break down, we will look at the range of 2,200-2,000.
On the 4-hour level, Bitcoin has stopped falling and rebounded in the range of 82,000-84,000. The current resistance level is at 87,000, and the support level is at 83,000-84,000. Ethereum is in a similar situation, rebounding in the range of 2,250-2,300. The current resistance level is at 2,380-2,400, and the support level is at 2,250-2,300. (Attached is yesterday's analysis of the daily level chart)
The short positions established yesterday have also captured a significant amount of space. Currently, the market is rebounding and testing the resistance level. It is recommended to continue shorting based on the resistance level!
Trading strategy: Short in the direction of the trend!
Short Bitcoin at 86,500-87,000, with a target of 85,000-84,000, and a stop loss above 88,000;
Short Ethereum at 2,380-2,410, with a target of 2,300-2,250, and a stop loss above 2,450;
The strategy is time-sensitive, and specific guidance will be provided in private in real-time!
Professional team gold medal analyst Ruo Yu focuses on contract trading guidance. Follow the WeChat public account "Coin Circle Ruo Yu" to understand real-time market analysis and trading strategies!
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