8.1 Bitcoin Fluctuations: How to Decide Between Long and Short at Critical Moments?
In the early hours of yesterday, the Federal Reserve's interest rate decision was unsurprisingly unchanged, but the market took the opportunity to quickly drop and then rebound. Yesterday's Bitcoin market continued to fluctuate back and forth, rising in the evening, then dropping from 118400 to 115800 due to the interest rate decision and related news, followed by another rebound. It is now back around 118000, still oscillating within a narrow range. The bottom rebound in the early hours has broken through the hourly level resistance, indicating there will be some continuation.
During the day, first pay attention to the resistance area of 118700-119300. If the rebound does not break this position, one can still enter short, initially targeting 117000, and if broken, continue to observe the support test around yesterday's low of 115700. If Bitcoin rebounds to the range of 118500-119000, short can be executed with a target down towards 117000-116000. Ethereum has formed a rebound after a decline, and it still shows relatively strong performance. Similarly, if this rebound does not break, a short position can be taken.
For those who find the recent market operation unsatisfactory, consult btc9063 to connect with me for market discussion.
Trading Suggestions:
Bitcoin short at 118500-119000, target around 117000-115000. Stop loss at 119500.
Ethereum short at 3810-3850, target around 3710-3610. Stop loss at 3890.