Yesterday, the market was extraordinarily lively with Langzi making a high-profile sales pitch, the pancake price quickly rising to around 64690. In our article yesterday, we had shorts at 63400–64600, and at 63600–64800 on the 5th; currently, the average price is around 64000. For Ethereum, we shorted at 1830 and 1785, with the highest rebound at around 1833, the average price is around 1810, and now it has dropped to 1760. All short positions are currently in a floating profit state, so continue to hold patiently, and once we reach the target, reduce positions in time and then take chances.
First, let’s discuss today’s strategy:
Bitcoin is facing resistance around 63700–65000 above, with target support around 62700–61300–60500–58500–57500 below.
Ethereum has resistance around 1800–1820–1850 above, with target support around 1750–1700–1640–1500–1370 below.
Market analysis:
Bitcoin broke through the 21-day MEA line yesterday, but above, the EMA55 and EMA144 day moving averages are still under pressure. The upper Bollinger band is facing resistance near 65500, and the RSI indicator is starting to turn down. The three lines of KDJ at high levels are about to converge, showing signs of a death cross. The smaller MACD red energy bars have already fallen below the zero axis, and the fast and slow lines have formed a death cross downwards. The upward momentum is clearly diminishing, and there is a need for a pullback. Overall, the high short strategy is still quite prudent!
Note that all strategies should be lightly positioned, and after reaching the target, reduce positions in time to lock in profits before taking additional risks!
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