Wednesday Afternoon Thoughts: Latest Market Analysis of Bitcoin and Ethereum
Looking back at the short-selling strategy provided in the morning to capture the pullback, it was unfortunate that the morning rebound exceeded expectations. However, we promptly adjusted our approach, decisively reversed our position after the breakout, and quickly secured a profit of over 1,000 points. This is the advantage of real-time guidance; when the situation changes, we adjust in a timely manner, always adhering to the principle of right-side trading. Being wrong is not frightening; what’s frightening is stubbornly holding on and suffering losses! However, the market cannot keep rising indefinitely, so we still maintain a bearish outlook, waiting for the right moment to decisively set up short positions.
Currently, Bitcoin's price has once again risen above 97,000. In the short term, we should focus on the resistance at the previous high of 97,800. If the rebound does not break this level, there may still be a possibility of a pullback. After all, such rapid surges come quickly and leave just as fast. The strength of the current rebound is also showing signs of weakening. As usual, do not chase high prices and sell low! If the price cannot break through and refresh the previous high, it is likely to first enter a range-bound consolidation. Therefore, for short-term trading, it is recommended to continue entering short positions while waiting for a pullback!
Afternoon trading suggestions:
Aggressive traders can short around 97,400,
with key levels to watch at 95,000 and 93,000 below,
and a stop-loss above 98,000.
For Ethereum, short in the 1,830-1,850 range, targeting 1,750.