Today's Market Analysis
Considering the current market trend, I still view it as a rebound rather than a reversal. The rebound structure is quite clear: it has already reached the third phase. The first phase was a drop from 116400 down to 93000, followed by a retracement for consolidation; this current one is a larger scale rebound after a pullback from 126200.
The most crucial level moving forward for $BTC is 98000.
This level coincides perfectly with the 0.382 of the 4-hour downtrend; whether the rebound can continue to escalate or even turn into a reversal fundamentally depends on whether this level can be breached.
Regarding $ETH , I mentioned yesterday that once it stands above 3060, it will head straight for 3230. The result indeed did not disappoint; Ethereum has this character: more vigorous and elastic than Bitcoin. The first target has been reached, and the next resistance above is at 3660.
In my own trading, I closed half of my ETH long position near 3200 and will continue to hold the rest. If BTC rebounds to 98000 and ETH rebounds to 3600, I will consider gradually shorting.
I find that trading contracts suits my medium-term style, rather than the kind of style that makes several trades in a day. Many people trade BTC, focusing on the fluctuations of a few hundred dollars in the 15-minute candlestick, and such individuals are just giving away money in this market.
