There is no calling the bottom in a downtrend.
Looking back at yesterday’s market, bearish sentiment dominated overall, with prices drifting steadily lower in a one-way decline throughout the day. After coming under pressure at the early-session high of 74,771, the bulls showed no signs of a rebound. Prices continued to probe lower in stages, weakening amid volatility and successively breaking below the previous low of 72,600 and the key 72,000 level. In the evening, Bitcoin bottomed near 71,218, while Ethereum also briefly wicked down to around 1,982.
Our strategy remained firm throughout, consistently signaling to follow the trend and enter short positions. All short positions placed in Zhilan’s live trading account were successfully closed in profit. Bitcoin gained a total of 3,489 points over the day, while Ethereum also captured 49 points. Although a few small, exploratory long positions resulted in minor losses, the timing was well managed, and the overall result was still a steady profit.
The current market is clearly in a downtrend, with weakness aligning across timeframes. Daily chart: This candle has once again closed as a large bearish candle with a substantial real body, and the center of gravity continues to move lower. Strong resistance at 75,000–74,000 remains firmly in place. Price is now filling the FVG gap; next, watch whether the major support around 70,000 can hold.
4-hour chart: Price is forming a stair-step downtrend, with consecutive bearish candles accompanied by rising volume. Each minor bounce has met resistance and turned lower. Bullish follow-through is weak, and no effective rebound or recovery has formed. There are currently no signs of a bottom or stabilization.
1-hour chart: After a waterfall-style plunge, price is still hovering near the lows. The volume and price action of the bearish candles are in line with the decline, and MACD has shown no divergence signal.
With no signs of a bottom, be cautious about buying the dip. In a weak market structure, every rebound is an opportunity to enter short positions.
Bitcoin: Look to enter short near 72,200–72,600 if the rebound meets resistance; targets: 71,200 → 70,500
Ethereum: Look to enter short near 2,020–2,035 if the rebound meets resistance; targets: 1,956 → 1,900
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