Investing does not require a high IQ; it only requires you to maintain stable emotions and the ability to think independently. You need to detach yourself from the worries during losses and the greed during profits, making decisions through your own thinking while ignoring the market's emotions.
Hello everyone, I am trader Gege. Following up on the previous article, I have detailed my views on this week's market trends, and the short position on Bitcoin has been perfectly executed and exited. Today, I will briefly discuss the points to focus on in the short term.
Looking at the daily candlestick pattern of Bitcoin, it has broken below the middle track and MA support, and the probability of today's daily candlestick turning bullish is very low. The bullish scenario is expected to yield a doji, while the probability of a bearish candlestick is relatively high. The first level of support below is around 103,000, and the second level of support is around the 100,000 mark, which is also near MA60 and the lower track. From the overall candlestick structure, the double top pattern has not completely ended, so short-term bulls should participate cautiously and not be overly greedy; the current market does not strongly support a bullish trend.
On the 4H level, after a rebound in the morning K-line that created a false bullish signal, there have been two consecutive bearish candlesticks. The next K-line may show a pattern of accelerated closing. The support near EMA200 has not yet been tested. Combining this with the daily support reference, one can wait for a pullback to enter once; if it breaks down, we need to extend our view to the key positions below. The resistance above has shifted down with the high points, and one can refer to the resistance near the intraday high.
The short-term structure of Bitcoin has not changed significantly and remains within a box structure, so we should still refer to the box structure for short-term trading. If there is an effective break below the lower edge of the box, those who like breakout trades can enter with a small position. It has been mentioned before that the longer the box oscillates, the greater the probability of a breakout later, so one must be cautious as the market approaches the end of the box.
Bitcoin: Long at 104,300-103,500, with a break at 102,000-101,500, looking for 2,000-3,000 USD. Short at 106,800-107,700, looking for 2,000-3,000 USD.
Ethereum: Long at 2,500-2,460, looking for 80-100 USD. Short at 2,620-2,650, looking for 100-120 USD.
The suggestions are for reference only. Please manage your risk when entering the market, and control your profit and stop-loss space accordingly. Specific strategies should be consulted in real-time.
Alright, friends, we will say goodbye until next time. I wish everyone success 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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