The cryptocurrency prices on Wednesday are running in a pattern of looking back after each step. Overall, after a strong drop in the early morning, the Bitcoin price has tested the resistance at the 80,000 mark multiple times throughout the day. Multiple breakthroughs have not resulted in continuation; instead, there have been pullbacks, maintaining a range-bound movement. Currently, the Bitcoin price is around 77,800. On the Ethereum side, the daily trend remains relatively weak. After hitting a bottom around noon, the price movement has been slow, with continuous declines from lower levels. Currently, the Ethereum price is around 1,500. We have made profits on all the high short positions we recommended during the day.

From the overall rhythm of the current market, after a previous decline in the price ratio, there has been a slight rebound during the day, with consecutive hourly gains. However, the price ratio is gradually moving upwards, albeit relatively slowly. As time goes on, after the pullback, the price ratio will also give a sustained rise, and breaking through the short-term resistance again is just a matter of time. In terms of short-term structure and shape, although the price ratio is slightly under pressure, it has shown a slight pullback, but the intensity is not as strong. In the midnight hours, we can still participate with low long positions, paying attention to the 80,000 mark.

Trading Suggestions

Go long around 77,000 for Bitcoin. Target 80,000.

Go long around 1,470 for Ethereum. Target 1,570,600,444,592,794,795,987,123.