4.29 Today's strategy analysis
After yesterday's surge, Bitcoin has again seen a significant bearish candle, indicating that there are main funds continuously inducing shorts above. Currently, the buying force is too consistent, and the main funds want to blow up some of the funds by significantly dropping back to break through the high position chasing orders. Due to the large number of trapped orders in the dense trading area around 96500, the consolidation period may be prolonged. After a slight impact on the new high of 95758, it may fall back again. Regardless of whether this upward movement can break the new high, be cautious near the new high and exit early to prevent falling back to the support point. Overall, the market leans towards oscillation, releasing the trapped orders above and recent profit-taking. The amplitude of the oscillating range may gradually shrink until it reaches a certain level, after which it may break in a new direction. It is expected that there will be a rise and fall today, probing the support before rising again. Entering near the support and resistance levels is relatively stable, quick in and out, not advisable to hold for long.
Bitcoin short position near the resistance level around 95760, take profit around 93748, stop loss at 96560.
Bitcoin long position near the support level around 92800, take profit around 95700, stop loss at 92000.
Ethereum follows Bitcoin's upward movement, with a moderate rise, but the adjustment is quite fierce, directly breaking through the support level of 1750. Fortunately, it rebounded afterward, but the upward momentum in this oscillating range is gradually weakening, with highs gradually decreasing and lows likely to follow suit. Thus, today's support point may need to be adjusted downwards, breaking the support level to form a new low. Overall, the trend still expects a re-attack after constructing a support platform. The downward tilt of the oscillating range is just a sign of weakness in the asset, which does not affect the subsequent follow-up. The operational strategy revolves around the oscillating range, with short-term long and short operations, not advisable to hold for long until the direction of long and short is determined and breaks through.
Ethereum short position near the resistance level around 1829, take profit around 1750, stop loss at 1844.
Ethereum long position near the support level around 1721, take profit around 1819, stop loss at 1706.
This opinion is for reference only, produced by the Great Wealth.