The recent trend of Bitcoin (#BNB创新高 $ETH ) has been fluctuating downwards. The short-term low fell below the previous short-term low of 111850, reaching around 111698. On Friday evening, influenced by Powell's speech, the overall market closed strongly with a bullish surge. Bitcoin's price peaked at around 117397, where it faced resistance, with a volatility exceeding 5000 points. Ethereum recently also reached a low around 4202, with the support at 4000 still holding. We have mentioned this before. After the surge, we do not recommend chasing long positions in the short cycle. Conversely, we advise everyone to short around Bitcoin at 117000 and Ethereum around 4780. There is space to be gained.
On this Monday, Bitcoin's two long positions yielded a total of 1154 points, while Ethereum's two long positions gained 174 points.
On Tuesday, Bitcoin's one long position gained a total of 1039 points, while Ethereum's one long position gained 80 points.
On Wednesday, Bitcoin's two short positions gained a total of 1623 points, while Ethereum's three short positions gained 223 points.
On Friday, the bullish positions given for Bitcoin gained a total of 4224 points, while Ethereum gained a total of 375 points.
The week is coming to an end, and we successfully closed with Bitcoin gaining a total of 8040 points and Ethereum gaining a total of 852 points.
From the current structure, it can be analyzed that the entire market has digested the upward momentum and is gradually entering a correction phase in the short cycle. Thus, the following can be understood as a period of bullish strength. In the hourly structure, the bullish momentum is becoming increasingly evident; no matter how deep the pullback is, the bulls can still recover strongly, and the energy for accumulation is increasing. Currently, it is showing a step-like upward movement. As the bottom support strengthens, the pressure will weaken in the ongoing upward movement. Therefore, the following layout remains unchanged; we will first look at the strength of the pullback. We still maintain a bullish outlook for the market.
