Last night, the Bitcoin market experienced intense fluctuations due to news impact. Affected by this news, Bitcoin saw a waterfall-like decline, hitting a low of 94,000. However, the price quickly surged back, rebounding to around 97,000, forming a clear V-shaped reversal on the chart. Fortunately, the short position we arranged yesterday was timely exited with a profit of 2,000 points, unaffected by the turbulence. In such market conditions, it is crucial to manage the levels carefully to seize the trend for profit.
Although Bitcoin's market showed a V-shaped reversal, from an overall market structure perspective, its trend still appears weak. This rebound seems more like building momentum for the next round of downward movement. Currently, based on the structure analysis of the four-hour chart, Bitcoin is in a descending channel, with the upper boundary acting as resistance and beginning to retract. This means that in the short term, Bitcoin still faces significant downward pressure. It is just a step away from the upper boundary resistance, so we can continue to operate around short positions on the rebound for the day.
For Bitcoin, focus on short positions around 98,000-98,500, aiming for 95,000.
For Ethereum, focus on short positions around 2,745-2,755, aiming for 2,600.
