Thursday Morning Thoughts, Latest Market Analysis for Bitcoin and Ethereum
Looking back at yesterday's midnight short strategy, it paid off perfectly. It seems that staying up all night was worth it. Although Bitcoin tested the downward pressure twice and broke the 96000 resistance level, it couldn't continue to break down. The support below still appears to be quite strong, and the rebound was quick. Currently, the real trading is oscillating around the 97100 level. This morning, we continue to maintain a bearish outlook.
Due to the influence of news, the overall structure has broken the oscillation, with back and forth movement. However, from the hourly structure, after a pullback, it was also supported by the lower track, leading to a stop in the decline accompanied by a rebound. The thought process remains unchanged, maintaining a bearish stance during the rebound, and carefully operating between the high and low points of the range. Otherwise, it's easy to enter at the low or high points, even though the space is currently converging. In the short term, it seems a bit difficult to break down, even though there have been several attempts, the strength of the rebound is still quick. It just surged up. The morning's outlook still looks for a pullback and continues to watch the rhythm of the market.
Morning Operation Suggestions
Bitcoin 97500-98000 range short, target 95500.
If it doesn't break, we will re-enter with long positions.
Ethereum 1830-1850 range short, target 1750.
