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Bitcoin slightly retraced to the low of 112,953 at midnight, and then it was the familiar pattern of a surge in the early morning, with the price rapidly rising, currently reaching a new historical high of 117,500. Ethereum also saw an increase after hitting the low point of 2756 at midnight yesterday, peaking at 3010 in the early morning. After six months, Ethereum has returned to the 3000 mark. The medium-term targets we provided for Ethereum on Monday have also been reached as expected. In the early morning layout, Bitcoin was around 110930, and Ethereum had a long position near 2808, both perfectly closed this morning. A large position at 113624 indicated to exit, with another position gaining 2600 points. Ethereum at 2836 indicated to exit with a gain of 63 points.
Currently, Bitcoin's upper pressure level is around 1169-1175, and there is no reference position for further upward movement, so let the market move for a while. Overnight, chasing long positions is not advisable, especially not at this position. Wait for a pullback, with the first target at 1152-1150, breaking down to look at around 1130. If the first target does not break on the downside, the market will rebound again. Ethereum has risen consecutively for several days; we also reminded that Bitcoin's sideways fluctuations and pullbacks should be noted for potential re-rises. Currently, the upward pressure is around 2970-2990, and if it breaks, we will look at around 3010-3040. For a pullback, we first look at around 2910-2880, and if it breaks down, then we look at around 2840-2800. Pay attention to the pullback's first target breaking situation; if this position does not continue, there will also be a rebound upward. Overall, the Silk Road suggests looking for rebound positions first and then considering short positions for pullbacks. Be cautious about going short. Unless there is a significant pullback on a smaller scale, otherwise only light short positions should be taken, and if there is room to move out, then manage your positions well. Before the interest rate cut, Bitcoin was moving sideways under the main pressure of 1115-1120. From the last time the on-chain U evaporated up to now, it has again just evaporated U. The next step is to watch for new highs. Currently, it seems that most KOLs are predominantly bearish, as the space available above cannot compare to the pullback below, so it's crucial to adjust in a timely manner. Currently, the main pressure of Bitcoin's rebound is still around 1115-1120, and any new highs can only be handed over to the market. For pullbacks, the first target is around 1109-1105, and if it breaks, we look at around 1100-1009.
Trading suggestions:
Bitcoin idea: short around 116800, target: around 115000.
Ethereum idea: short around 2980, target: around 2930.
