Reviewing Bitcoin and Ethereum's price action this morning, Bitcoin plunged in the evening, briefly wickng down to a low of 73,333, setting a new recent low. However, the bears failed to hold onto their gains, and the price quickly rebounded, returning to the consolidation range above. The chart is currently showing a V-shaped recovery, but this is not a genuine trend reversal. If the price rebounds again and reaches the lower edge of the previous trading range, around 74,800–75,000, heavy overhead supply from trapped buyers and selling pressure from bears will combine to keep the price firmly capped, so the rebound is bound to stall.

#XAU The short position we opened near the highs in the previous move has once again delivered a perfectly timed strike, with price action unfolding exactly as anticipated. Bearish momentum has been fully unleashed, and today's large bearish candle drove prices sharply lower, completely breaking through the bulls' defenses. Until the price reclaims and holds above the top of the range with a strong increase in volume, the market will remain under bearish control, with further downside now open.

The current rise is not a trend reversal, but a pullback within a downtrend for confirmation. Once price is confirmed to be rejected at the resistance zone, it is highly likely to resume its downward move and retest the previous low for support.

Trade recommendation: Establish short positions in the 75,200–75,000 range, with targets at 74,000–73,500.

Ethereum: Establish short positions in the 2,135–2,130 range, with targets at 2,100–2,000.