The "Putin-Trump Summit" is disappointing, with US stocks and cryptocurrency prices both declining, cautiously shorting! 8.16 Bitcoin trading idea
The highly anticipated Alaska "Putin-Trump Summit" has concluded. After approximately 2.5 hours, the two appeared before the media. Despite the unprecedented duration of the talks, neither side disclosed details of the discussions or areas of consensus, which undoubtedly heightened concerns in European countries and Kyiv about a potential agreement that bypasses their opinions. As a result, both US stocks and cryptocurrency prices fell at midnight. The long position suggested yesterday could easily yield over a hundred points on Ethereum and over a thousand points on Bitcoin during the day. Continuing to go long at midnight, but only made a small profit when exiting in the early hours. Recently, due to attending graduation parties, I have not been able to provide timely response strategies; your understanding is appreciated!
From a technical perspective, both daily Bitcoin and Ethereum charts show two consecutive bearish candles, with today's opening showing long upper shadows, indicating an overall bearish trend. Additionally, US stocks have not been very strong in the past two days, so the strategy this weekend will mainly focus on shorting around high positions, with some low longs as a supplement! Key resistance levels to watch are 119200, 120000, 122000, 124500, and 126000 above; support levels to watch are 116500, 114600, and 113300 below. For Ethereum, key levels above are 4500, 4670, 4740, 4800, and around 4870; support levels below are 4360, 4250, and 4160.
8.16 Bitcoin trading strategy: Aggressive traders can enter long positions on a pullback to 116500-116800; conservative traders can enter at 115700-116000, with a stop loss around 115000, targeting around 117500-118000-118500-119200. If broken, look for around 120000-121000, and continue to adjust the stop loss based on the situation!
8.16 Ethereum trading strategy: Aggressive traders can enter long positions on a pullback to 4370-4400; conservative traders can enter at 4300-4330, with a stop loss around 4250, targeting around 4450-4500. If broken, look for around 4530-4550, and continue to adjust the stop loss based on the situation!
Short position strategy: For Bitcoin, short one contract on a rebound to 120000-120500, with a stop loss around 121000, targeting around 119500-119000. If broken, look for around 118000-117500, and continue to adjust the stop loss based on the situation!
For Ethereum, short on a rebound to 4550-4580, with a stop loss around 4630, targeting around 4500-4450-4400, and if broken, look for around 4370-4350.
Yesterday, Fidelity's Ethereum spot ETF FETH had a net outflow of $272.2 million. Compared to the $40 billion inflow into ETFs this week, this is just a drop in the bucket. As long as there is no continued sell-off, the outlook remains bullish; everyone should cautiously short.
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