Time flies, and a week has passed in the blink of an eye. Looking back on this week, it is also a fruitful one. We have grasped the opportunities of both long and short positions very well, and we have taken profits for a week in a row. Yesterday, we sold the long-term short position and made a long position at the bottom. We successfully took profits again today.
The short-term rebound tonight was in line with expectations. As mentioned in yesterday’s blog post, it has already bottomed out and there is insufficient downward momentum, so there will be a rebound. We were also very rational in selling short orders and going long. So does this rebound mean that the short position is over? In fact, it is not. The short-term rebound is only to sweep away those speculators with uncertain confidence. It is also a means of absorbing funds. The market will not keep falling or rising. What we can do is to make the right choice based on the trend. So how do we choose tonight?
The bearish trend of Bitcoin will definitely not change before Bitcoin stabilizes at 26,500. Any rebound to around 26,500 will give us opportunities to short. Currently, Bitcoin is around 26,400, so we can directly arrange short orders. The short-term target is 25,000, and the medium- and long-term target is 23,000-21,000, leaving room for covering positions.
Before Ethereum stands firmly above 1780, it is mainly short-selling. Any rebound to around 1730 gives us the opportunity to short. Currently, Ethereum can be shorted directly around 1720. The short-term target is 1650 and the long-term target is 1500. It is also necessary to reserve space for covering positions.
