7.16 Midnight Bitcoin and Ethereum Market Analysis
Throughout the day, the bearish force strongly suppressed the market. The price of Bitcoin fell all the way from the high of 120000 in the early morning, breaking through and dropping to the 116500 level before briefly stabilizing and oscillating. Although the bulls tried to recover in the evening, pulling up to around 118500, they were quickly suppressed by the bears and pushed back down, briefly touching the 115700 level before rebounding slightly. Currently, it is trading around 117400.
After discovering that the trend deviated from expectations in the morning, I quickly changed my strategy and led the real account members to short, while publicly sharing the strategy.
Bitcoin was completely dominated by the bears throughout the day. The rebound strength of the bulls in the evening was limited, more like a "bull trap." The daily line closed with a huge and full negative line, indicating extremely strong bearish suppression. The moving average has turned from previous support to strong resistance, and the trend is clearly biased towards bearish signals.
The market is in a stepped downward structure, with a steady downward pace, and there are no signs of exhaustion in the bearish volume. Short-term small-level rebounds cannot reverse the major trend, and the midnight layout will continue the high-shorting strategy.
Bitcoin can be shorted near: 118100 - 118600, with a target of 116200-115700.
Ethereum can be shorted near: 3100-3130, with a target of 2980.
