6.24 Is the Bitcoin rebound just an illusion? Should we go long or short in the future?
As I previously anticipated, the market has fallen to the support level around 98000, perfectly aligning with my earlier prediction of a drop to the precise point of 98000. I emphasized the overall downward expectation of the market as early as last week and even the week before. Many peers were skeptical and attempted to take a bullish stance. Of course, the results won't be good. Speaking of market trends, there has been a significant decline in prices, and the next steps are particularly important.
Bitcoin oscillated around 103300 and 102000 before rapidly declining to around 98100 last night, continuing the trend of increased short positions, while Ethereum fell from around 2310 to around 2100. The strong involvement of the U.S. in the Middle East situation has increased global financial market fear, leading to a continuous increase in short positions. Bitcoin experienced a waterfall decline over the weekend, once dropping below the 100,000 mark to reach 98100, and after a four-hour closing, there was some rebound. The overall rebound strength is relatively strong, currently oscillating near 101500, and the overall trend still has not broken the downward trend. For Bitcoin, watch the resistance around 102500 and 103000 above. For support, pay attention to the strong support around 98000-96000 below. For Ethereum, watch the resistance around 2280-2310 above. For support, pay attention to the levels around 2150-2100 below.
Operational Advice:
For Bitcoin, short at 102500-103000, with a target around 100000-98000. Protect at 103500.
For Ethereum, short at 2250-2290, with a target around 2150-2000. Protect at 2330.