Selling pressure remains as strong as ever. Yesterday, overall price action was range-bound. After testing the lows near 79,300 during the day, the market steadily moved higher in a choppy fashion. In the evening, the rebound reached around 80,800, after which selling pressure returned. The price is now around 80,000, testing whether the upward momentum can continue. The long position near 79,500 that I mentioned earlier yielded only about 1,000 points of upside. Given the current market structure, our strategy is focused mainly on short-term trades. Those looking to trade swings should manage their position sizes carefully.
On the daily chart, the market has formed a double-pin-bar bottom, but the rebound has yet to gain momentum. Still, support at the bottom is gradually proving reliable, and market conditions are slowly improving. Overall, the market is focused on consolidating near the bottom and building momentum. In this market structure, the short-term price action may repeatedly retest support to strengthen it. Accordingly, our strategy is to look for long entries on pullbacks.
Bitcoin: Long near 79,600; targets: 80,800 and 81,800
Ethereum: Long near 2,310; targets: 2,350 and 241
On the daily chart, the market has formed a double-pin-bar bottom, but the rebound has yet to gain momentum. Still, support at the bottom is gradually proving reliable, and market conditions are slowly improving. Overall, the market is focused on consolidating near the bottom and building momentum. In this market structure, the short-term price action may repeatedly retest support to strengthen it. Accordingly, our strategy is to look for long entries on pullbacks.
Bitcoin: Long near 79,600; targets: 80,800 and 81,800
Ethereum: Long near 2,310; targets: 2,350 and 241
