7.1-Chen Lei: [The bear storm has arrived! The bull frenzy will eventually be washed away in blood!]
Iron law of the cryptocurrency circle: Those who follow the trend survive, and those who go against the trend perish! The current bear trend is like a bamboo being broken, with the dead cross in technical analysis and the outflow of funds forming a double-edged sword! Every rebound is an excellent opportunity for harvesting with a sickle—during the crazy dumping moment, short positions are our deadly weapon! The decline continues, the bloodbath continues! Let the greedy bulls tremble in the crash! Remember: the harvest feast of the bears has just begun! Dare you join Old Chen in this great wealth escape?
Returning to today's market, Old Chen has been suggesting short positions throughout the day. Since the early morning, after frequent fluctuations, it has shown a downward trend from the 107500 level, especially around the 107000 level where a long-term struggle between bulls and bears took place. In the evening, the bears exerted strong pressure, and Bitcoin dropped to a low of 105578, followed by a rebound. Ethereum surged above 2520 from the early morning, then showed a downward trend, during which a contest between bulls and bears occurred at key support levels of 2480 and 2460, and in the evening it synchronized down to a low of 2405, with both sides currently maintaining low-level oscillation adjustments.
From the overall market perspective, the day showed a downward oscillation structure, with bears gradually testing the support level below, but met with varying degrees of resistance. The rebound from the bottom at the 98000 level for Bitcoin was not as strong as expected, encountering strong resistance at the 109000 level, and with two consecutive daily candle shadows, launched a new round of attack on the middle track; it is still within a wave-like downward structure, and the constraints of the downward channel are gradually strengthening.
On the four-hour line, the downward trend after the peak has broken the short-term box structure. After several piercings of the middle track, the support of the middle track has weakened, and after the decline, the coin price currently clings to the lower track, which is gradually diverging downwards, needing to observe the continuation of the bear trend. In terms of closing, near key points, several K-lines with long upper and lower shadows have been formed, and the contest of bulls and bears at key points remains fierce, warning that the bulls' resistance is not in vain; at the same time, a solid bearish candle + small bullish and small bearish candles reflect the performance of consolidation after a downturn, and horizontal adjustments serve as momentum for the next downturn!
Subsequent short-term thoughts: For Bitcoin, consider shorting near 106500, looking at 105500-104800. For Ethereum, consider shorting near 2440, looking at 2400-2350.
