Thursday Evening Jingyi's Analysis of Silk Exposure
Bitcoin faced resistance at the key level of 112000 early this morning and is currently oscillating around 111000. The volume fluctuations have narrowed, and the bull-bear game has entered a stalemate phase.
The moving averages below maintain a bullish arrangement structure, providing support, while the resistance above is also quite evident.
If there is a subsequent breakout with increased volume above the key level of 112000, upside potential may open up, and one could consider trying to go long;
If it breaks below the moving average support, when the price retraces to around 110000, one could consider moderately placing short positions.
BTC can be shorted in the rebound range of 111500-111900, targeting 110000 and 108500;
ETH can be shorted in the rebound range of 2790-2820, targeting 2710 and 2660.
