BTC recently formed a bearish opportunity around 92700, and we initiated short positions from that level. When the market fell to 91592, we closed the position and took profit. The subsequent wicking back to near 91500 also aligned with our expectations. This trade yielded approximately 1200 points of profit.
The key going forward is the support below. The 91500-90500 zone requires close attention. If support holds firm, we may see a rebound opportunity, which would allow us to consider switching strategy to go long. However, the resistance at 94500 remains the ceiling for the market — as long as this level is not broken, the likelihood of subsequent pullbacks is relatively high.
ETH's situation is similar. We initiated short positions at 3262 and closed around 3200, capturing 62 points of profit. At this stage, we should closely monitor the two support levels at 3220 and 3180.
If the 3180 support is effectively broken, the next point of interest would be the 3130-3100 zone. However, if support holds, the rebound resistance would be around 3300-3350. Technically speaking, we still need to wait for a clearer directional confirmation.
1. A 1200-point short position is savage for this wave, too bad I didn't catch it.
2. 94500 hasn't been broken, this ceiling is really stubborn.
3. ETH only 62 points, a bit heartbreaking, feels like this market isn't that fierce.
4. I'm also watching the 91500-90500 support level, just afraid of a sudden crash.
5. Wait, by your logic BTC has potential to rebound too? Then I need to adjust my strategy.
6. The 3300-3350 resistance sounds a bit far, not sure if it can reach that.
7. Really confirming a new direction every day, I don't dare to go all-in now.
8. Wick back to 91500, can't defend against this operation every time.
9. Support holding firm to go long? Though it feels like this downtrend isn't completely finished yet.
10. ETH's 62 points is really a bit awkward, might as well not open the position.
BTC recently formed a bearish opportunity around 92700, and we initiated short positions from that level. When the market fell to 91592, we closed the position and took profit. The subsequent wicking back to near 91500 also aligned with our expectations. This trade yielded approximately 1200 points of profit.
The key going forward is the support below. The 91500-90500 zone requires close attention. If support holds firm, we may see a rebound opportunity, which would allow us to consider switching strategy to go long. However, the resistance at 94500 remains the ceiling for the market — as long as this level is not broken, the likelihood of subsequent pullbacks is relatively high.
ETH's situation is similar. We initiated short positions at 3262 and closed around 3200, capturing 62 points of profit. At this stage, we should closely monitor the two support levels at 3220 and 3180.
If the 3180 support is effectively broken, the next point of interest would be the 3130-3100 zone. However, if support holds, the rebound resistance would be around 3300-3350. Technically speaking, we still need to wait for a clearer directional confirmation.