After a surge in Bitcoin yesterday, there was a pullback. The upward trend seems to have stalled, although the overall outlook appeared bullish. The peak touched the 80500 level, but the resistance was not broken with a solid move. The long position we set up at midnight yesterday regrettably saw a small exit.

According to the current weekly candlestick chart, the overall market trend shows a stepwise upward pattern, but each step's increase comes with a need for pullbacks. In the short term, the market still shows a downward trend, which has not yet fully ended. Although there have been multiple attempts to drive the price upward, there have not been significant breakthroughs. For bulls to continue pushing upward in the short term, they first need to break through the current resistance levels. After analyzing the situation, the price has consistently been pushed downward in the daily structure, with levels gradually moving lower. Although the bulls have some lifting power, it is relatively limited. At the same time, bears are gradually testing previous lows, indicating that bearish strength should not be underestimated. The strength of the bulls is only temporary; it merely creates an illusion of a bull market.

Trading Suggestions

Short Bitcoin at 77300-77000, target 75000

Short Ethereum around 1480, target 1400