Whether going long or short, there is a possibility of making money, except for the greedy. If you want to invest, you need to block out excitement, at least don't be excited at the wrong time. Emotions play a crucial role in all trading.
Hello everyone, I am trader Gege. Continuing from the last time, Bitcoin had a strong V-shaped rebound on Monday, testing the 106000 line, and returned to the levels of last week. Perhaps some might sigh that the price hasn't changed, and positions are gone. Trump also knows how to play; over the weekend, US stocks were closed, and he dropped a bomb. On Monday, Israel announced a ceasefire, and the military expenses will be covered by the retail investors in the crypto market. The news about war is truly unpredictable; it can stop or escalate at any time. Those official statements are also vague. Ultimately, the market in crypto is too small, it's a strong manipulation market, and the cost of manipulation is low.
There is an expectation for a rebound in the market, but it has exceeded expectations. However, the long positions from the previous analysis still yielded a good result. Let's continue discussing the market from a technical perspective. The weekly chart of Bitcoin and Ethereum has reached the key position mentioned yesterday, so we need to observe whether it can break through and stabilize. The daily chart of Bitcoin shows a solid bullish candlestick, testing near the mid-band. This area is also near the opening price of last week's consecutive decline, which is a short-term point of focus. Such a price increase driven by news needs a correction to be considered a healthy trend. If it continues to rise without correction, the bullish trend won't last long, which is a technical viewpoint. Of course, there is also the possibility that the major players are watching the market's weak sentiment and forcefully driving up prices to wash out some of the bullish positions. So, for medium to long-term players, it’s best to observe more in the short term.
On the 4H level, the candlestick chart has continuously closed high with doji candles. The resistance at this level can be referenced temporarily. As for support below, since it has returned to previous levels, the earlier short-term support can also be referred to. There isn’t much to say about the technical aspect of Ethereum; after such a rise, although Gege interprets it as strong from a technical perspective, there is also a probability of correction. So, let's wait for the market to move for another couple of days and then make a detailed estimate.
Short-term for Bitcoin: short at 106000-106600, long at 103500-102800, looking for a $2000 range.
Short-term for Ethereum: short at 2460-2480, long at 2350-2320, looking for a $100-120 range.
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