Double top pressure, will Bitcoin form an M shape?

Good morning, a new week, a new beginning, are you ready? Bitcoin's weekly candlestick closed with a long upper and lower shadow. Last week, it tested the BBI downwards but couldn't break through. This week, it is expected to continue to pull back downwards, with a double top forming around 112000. If it continues to be pressured and moves down, the market is likely to form an M shape, so personally, I don't recommend being overly bullish or chasing highs for new records! Be cautious of the risk of a pullback. After peaking at 110000 at the beginning of the year, it has seen a pullback of over 30000 points, with a bottom forming around 76700 leading to a deep V rebound. Zhong Liang is not being bearish; he is just cooling down the bulls, advising not to get too close to the previous high to chase aggressively!

Bitcoin's daily candlestick is still under pressure from the middle track, and although it stopped falling on Friday and rebounded in a deep V, it still couldn't break through the middle track's pressure. Therefore, we shouldn't be overly bullish. The previous three large bearish candlesticks brought it down, and then Friday saw three consecutive bullish candlesticks, but they are getting smaller. Thus, the market is oscillating back and forth between bullish and bearish, and we must be active in our thinking; the main strategy for intraday trading should focus on short positions!

For Bitcoin, the upper resistance to watch is around 105500 and 106500. Short positions can be set up around here, with targets looking down to 104500, 103500, and 102500. Medium-term traders can directly target 100500 here; if it falls below 100000, aim for 97000 and 93000, of course, this will take a long time.

Ethereum is currently also under pressure from the middle track on the daily candlestick, and similarly, the main strategy for intraday trading should focus on short positions. The upper resistance to watch is around 2520 and 2560; short positions can be set up around here, with targets looking down to 2480, 2430, and 2380.

The above is just Zhong Liang's personal opinion and does not represent correctness; it is common to be wrong, and stop-losses are often necessary. Everyone must remain clear-headed, objective, and rational! Do not get too excited!!! Risk control is paramount; strictly manage your position sizes and set stop-loss levels you can accept! #币安Alpha上新