Waking up to a lush green view greatly improves my mood. The trend of Bitcoin is also in line with our expectations. Yesterday, Ethereum retraced to around 2980, hitting a low of 2970 before starting to bounce back. It has also reached the resistance level of 3220 that we mentioned, peaking at 3214. Although there has been a pullback, it is still in an upward trend, with support around the 3100 mark. After Ethereum breaks through 3200, the next strong resistance is near 3510. If it stabilizes above 3220, it will enter a bullish trend.
The Bitcoin trend has also reached the resistance level of 94000 that we mentioned last time. Although it has started to pull back, the next breakthrough is expected to reach around 96000. Currently, it is in a fluctuating trend after a breakout and pullback, with support near 93000.
Friends who have been shorting these days should be feeling quite uncomfortable due to $PIPPIN . Looking at the ratio of long to short positions, there are times when long positions are more than 10 times the short positions. With such a ratio, the probability of falling when the main force is not reducing long positions is very low. Currently, the high-level sideways movement is slowly draining the short sellers' resources through hourly funding rates. Once the main force is satisfied, a waterfall will come. It is not recommended to intervene now; it is better to patiently wait for the long positions to close, as the probability of making a profit by shorting is also quite high.
In recent days, the market has noticeably improved in terms of liquidity, but whether this can be sustained still requires further observation. Hold on to your chips, control your positions, don't rush for results, and patiently wait for the best opportunity to add to your positions.
