Slow market conditions hide opportunities; stay calm and wait for profits. After a previous waterfall decline, the market has entered a recovery adjustment cycle and has now reached a critical point. The market is fluctuating around the previous double bottom low point, with rebound momentum continuously diminishing and bullish strength gradually weakening. After a brief attempt to test the top met resistance, a downward trend under pressure is about to begin. Partners who have followed the morning layout strategy can patiently hold their positions and wait for the market to further explore the downside.
From the hourly chart perspective, Bitcoin is operating below the upper Bollinger band. Although it shows a bullish engulfing pattern, the bearish trend remains strong. Each bullish rebound has been quickly recovered by bearish candlesticks, indicating significant consumption of bullish momentum during the rebound process. Considering the current position at the previous double bottom starting point, there is strong resistance above, laying a solid foundation for the subsequent bearish pullback. In the afternoon, the operational strategy remains bearish on rallies, with a firm downward target.
Operational Strategy
- Bitcoin: Lay short positions around 87300, targeting 85000
- Ethereum: Lay short positions around 2830, targeting 2700
