Looking back at the market trends in the early morning, the speech from Old Bao, and the implementation of interest rate cuts. Overall, the market experienced a back-and-forth wash with both long and short positions, and the dog fund eventually took action against small retail investors. Afterwards, it aligned with our expectations, and the overall market welcomed an upward trend. Bitcoin started to rebound from the 114623 level and reached a peak of 116772 in the early morning. Ethereum touched a low of 4404 in the early morning and is currently above 4600. After one hour of trading, Old Hu has already led everyone to profit and exit.
From the current market perspective, Bitcoin and Ethereum are experiencing a daily level of highs and lows after consecutive days of rising, showing the first signs of retreat after probing higher, reflecting a slowdown in the short-term upward pace. After continuous highs, the force has slowed down, while also increasing the base of volatility between long and short positions, resulting in larger pullback space. In the midnight session, a back-and-forth tug-of-war occurred with strong rebounds after hitting the lows, breaking the previous strong upward pattern, and transitioning to a top adjustment in the short term. At the 4-hour level, Bitcoin's first pullback found slight support at the middle Bollinger band, while the early morning decline indicates a lack of strength to recover the previous highs, suggesting a shift to high-level oscillation corrections. Meanwhile, the space correction will also change the structure. Today's short-term trading strategy is to look for adjustments in high shorts while supporting points align for short-long positions.
Bitcoin: Short near 117000, target 115500
Ethereum: Short near 4610, target 4550
