The price of the coin at $BTC fluctuated in the range of 117100-118500 during the early morning, currently stabilizing around 118300. Short-term selling pressure has eased, but the bullish rebound is weak; Ethereum fluctuated in the range of 4570-4480 before falling to a low point of 4455, and is currently rebounding to stabilize around 4550. Overall, it is still in a weak pattern. The short position strategy provided by Yunlu earlier offered over 1300 points for Bitcoin and over 110 points for Ethereum. Friends who followed along definitely gained a lot from this operation!
From a technical perspective, Bitcoin has formed a descending channel on the 1-hour level, currently rebounding to test the upper resistance of the 118800 channel. Key support below is at 117500; if it is lost, it may accelerate the decline to 116800. Ethereum is maintaining a stepwise decline on the 4-hour level, with resistance above in the range of 4580-4650, while 4450 has become a critical dividing line between bulls and bears. It should be noted that if BTC breaks through 119500 or ETH stands above 4650, it may trigger short covering, and strategies should be adjusted accordingly. The overall market is still dominated by bears, but there is a technical correction demand after a short-term oversell, so it is recommended to strictly control positions and pay attention to the impact of important economic data on the market in the evening. In terms of operations, it is suggested to maintain a short position on highs.
Bitcoin suggestion: You can try a light position in the range of 118600-118800, target 117500-117000.
Ethereum suggestion: If it rebounds to 4570-4600 and faces pressure, you can layout a short position, target 4450-4400.
