Not every act of perseverance signifies courage; sometimes taking a step back can help you gather strength to prepare for the next bigger challenge. True courage is not always about charging forward, but knowing when to pause, sort out your feelings, gather strength, and wait for the right moment to act.
Hello everyone, I am trader Gege. Continuing from the last article, let's review the short-term analysis provided earlier. For Bitcoin, I suggested entering long at the 80800-79800 range, and the market rebounded from the support at 80000 to above 84000, resulting in a rebound of over 3000 USD for short-term long positions. Currently, the market is testing the 80000 level again, and we will discuss the market further later. For Ethereum, I suggested 2050-2020, and after briefly breaking below 2000, it quickly recovered and rebounded to above 2150, facing resistance. The short-term gain for Ethereum was over 100 USD.
To briefly discuss the breakout, as mentioned in previous articles, long-time followers should know that a brief dip below does not count as a breakout; a breakout refers to an actual candlestick closing below a level.
New followers or friends who have just started following me need to understand this concept. My articles not only provide reference points but also discuss trend directions and the rationale for participation. Of course, most of it is based on technical analysis and my own understanding formed over years of following this product, providing my viewpoints. I believe that with long-term attention, you will learn something. Now, let's get back to today's market.
Today is Monday, and let's first look at the weekly chart. The closing situation is not very optimistic for bulls, as the previous candlestick closed as a solid bearish candle and broke below the MA30. From the current candlestick situation, there is a high probability of testing the lower band and the MA60. Zooming out, there is no need to worry excessively, as we are still above the upward trend line of the larger cycle. If the entity breaks below the previous low, we will wait for a pullback opportunity at the 75000-73000 range, and we can enter once it stops falling. Additionally, we have already taken our share of profits from the long positions around 80000.
The technical patterns on the daily and 4H levels are leaning towards weakness, but we are currently testing the lower boundary of the large range I mentioned before. If you manage your position reasonably and use an acceptable stop loss, you can still attempt to enter again. If a breakdown occurs, wait to act above the bull-bear boundary line. Ethereum is still testing the 2000 level aggressively; the daily level has faced resistance after rebounding from the MA7 yet again. This line has been suppressing for almost a week now. Currently, for short-term long positions, the thought process is similar to Bitcoin, focusing on whether the 2000 level breaks and where to participate afterward.
It is now around 11 AM in Beijing. Bitcoin's current price is around 79700, and Ethereum is at 2015. Therefore, Gege suggests the following short-term advice for reference: go long on Bitcoin at the current price of 79700, and go long on Ethereum at the current price of 2015. Arrange your positions and acceptable defenses accordingly. If Bitcoin breaks below the previous low, consider going long at the 76000-75000 range. For Ethereum, if it breaks below 2000, consider going long at the 1930-1880 range.
This advice is for reference only. Ensure proper risk control when entering the market, and manage your profit and stop-loss space accordingly. Specific strategies should be consulted in real-time.
Alright, friends, we will see you next time. I wish everyone success in their trading endeavors and smooth sailing in the crypto world! More real-time advice will be sent internally. Today's brief update ends here. For more real-time advice on Bitcoin and Ethereum, find Gege.
Written by / I am trader Gege, a friend willing to accompany you in your resurgence.
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