The current market moves quickly and leaves just as fast; a single word from the understanding king sent Bitcoin soaring from 96,000 to 104,300, leaving the shorts battered and bruised.
Currently, the daily chart looks quite strong, but on the four-hour level, it has been consolidating around 103,000, clearly needing a breather. In such times, chasing highs is just giving away money; it’s safer to wait for a pullback.
In terms of specific operations, if Bitcoin bounces back to the 103,700-104,300 range, one might consider opening a short position, with the first target set at 102,000. If it continues to break down, one should be able to enter a long position around 100,500. For Ethereum, 2,250-2,280 is a good short position, and once it hits around 2,100-2,050, it would be about time to prepare to go long.
This market plays are neither up nor down; rather than blindly chasing positions, it’s better to patiently wait for a good opportunity. The market is never short of opportunities; what it lacks is the patience to hold back. Of course, sitting still is currently the best option.
