A review of today's Bitcoin and Ethereum price action. In the evening, Bitcoin pulled back to 72,691, its low for the day, before rebounding to the key resistance zone around 74,000, where it stalled. It then moved sideways within a range, reaching a high of 74,156 for the day. Overall, the chart formed a V-shaped pattern and remains in a tug-of-war within the range, with buyers and sellers repeatedly battling at key levels. Ethereum moved sideways as well.

Our strategy remains focused on short positions. Two successful Bitcoin shorts hit their take-profit targets, capturing nearly 1,300 points; the Ethereum short captured 55 points. We trade steadily: no bottom-fishing and no holding losing positions. We focus on taking profits consistently.

The dashed line below in the chart is the 74,000–74,500 resistance zone mentioned earlier. The candlestick with the long upper wick shows that every time bulls try to push the price up to this level, they are met with heavy selling from bears and profit-takers. A narrow-range consolidation usually doesn't last long and is often a precursor to a pullback.

Trading suggestion: Open short positions on Bitcoin in the 74,000–73,800 range, with targets at 73,200–72,800.

Ethereum: Open short positions in the 2,080–2,070 range, with a target of 2,300–2,000.