On the daily level, Bitcoin continues to close with a large bearish candle around 88600. It was previously mentioned that once the price breaks below the support at 92000, a significant drop will follow. Currently, the bearish trend is very obvious, and the previous support level will turn into a resistance level. The current resistance is between 89500-91500, with support at 87000. If it continues to break down, Bitcoin will reach around 73000. Ethereum has formed a bearish candle with a lower wick below 2500. Similarly, after failing to break through the top of the range structure, it has shown the expected downward trend. The bottom support at 2550-2600 will convert into a resistance level, with the lower support temporarily at 2400-2350. If it continues to break down, Ethereum will look towards the 2200-2000 range.
On the 4-hour level, Bitcoin's entity broke below the bottom of the range structure at 94000 and has been declining ever since. It has been mentioned many times that once the price breaks, one should follow the trend and enter. The current resistance is at 89500-91500, with support at 87000-86500. Ethereum is in a similar situation, having plummeted to 2300 after breaking below the bottom of the range structure at 2550. The current resistance is at 2550-2600, with support at 2400.
The short position established yesterday has also reached a second testing 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 89000-89500, with a target of 88000-87000, and a stop loss above 90000;
Short Ethereum at 2490-2520, with a target of 2430-2400, and a stop loss above 2560;
The strategy is time-sensitive, and specific guidance will be provided in private 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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