The early session saw Bitcoin quickly drop from around 91000, reaching a low of 85563 before the decline slowed, followed by slight fluctuations around 86000; Ethereum fell sharply from around 3030 to 2805 before rebounding, showing an overall pattern of sharp decline followed by weak rebound. Early in the morning, Lao Hu positioned himself in Bitcoin and Ethereum shorts at 90388 and 2997 respectively, exiting at 87383 and 2849. Bitcoin gained 3000 points in space, while Ethereum secured 148 points. The market is so easy to grasp; friends who have followed Lao Hu's strategy recently are already riding the wind, taking off with the rhythm.
On the 4-hour level, after the price dropped sharply to 85563, there was a slight rebound, but the rebound strength is very weak, typical of a weak recovery. From the Bollinger Bands indicator, the price has significantly fallen below the middle band and pierced the lower band, and the rebound has failed to return above the lower band. The opening of the Bollinger Bands downwards further confirms the medium-term bearish trend, and the rebound process lacks support from a volume increase. The slight warming of the price is merely a corrective action during the downward process. Overall, the bearish trend in the short term remains unchanged, and the weak rebound is unlikely to reverse the current bearish pattern. It is highly expected that the price will likely continue to explore lower levels or even refresh previous lows.
Operation suggestions
Bitcoin short near 87000—87500, target at 85000
