Midnight ETH/BTC Market Briefing
Midnight highlights Ethereum, as seen in the chart below, it has clearly formed a standard head and shoulders pattern. After testing the neckline area of 3030 in the evening, it continued to decline, indicating that the head and shoulders pattern is established. During the day, we suggested a short at 2950 and added positions at 3030, with an average price around 2990. In the live session, we advised everyone to add positions again around 2915 and reminded everyone to reduce positions by 80% (short-term) at the 2840 area. Thus, the midnight strategy still leans bearish. You can refer to this
$ETH . The current resistance is near 2915, which was a previous minor support. If it breaks down, it has a chance of becoming resistance. Additionally, the 2960 area is a Fibonacci 0.38 resistance, along with the head and shoulders neckline at 3000 and 3030. Everyone can gradually lay out short positions, and stop-loss should be set above 3090. For those trading short-term, pay attention to whether 3030 can again hold resistance. If it unexpectedly breaks through, set a stop-loss at 50% around 3065 or exit directly (in my opinion, the recent high will only reach around 3050). Targets to focus on are the areas below 2840 and 2750 (reduce positions by 80%). The remaining positions can be gambled around 2620～2600 and extreme spikes near 2440.
$BTC . During the day, we advised everyone to short around 87500～88100, which was stopped out at 89500 during the evening spike. Subsequent messages also indicated that 90500～91000 would be the next resistance. After the price touched around 90400, it began to pull back to the current price of around 86300. Therefore, at midnight, everyone can focus on the upper area of 87800～88100～88800 to gradually lay out short positions. Stop-loss should be placed above 89800, with the target continuing to focus on around 86300～85600～83800 (reduce positions by 80%). The remaining positions can be gambled around the extreme positions of 80600 and 78500, near 70800.
The above is just Jiang Feng's personal opinion. The market is ever-changing and has many uncertainties, so please pay attention to risk control. Profit and loss are your own responsibility!
