Today's Market Analysis

Looking at the current market trend, I still consider this a rebound rather than a reversal. The rebound structure is very clear: we have already reached the third phase. The first phase was a drop from 116400 down to 93000, followed by a pullback to gather strength; now we are in a larger scale rebound after the drop from 126200.

The key level for $BTC is 98000.

This point happens to overlap with the 0.382 of the 4-hour downtrend, whether the rebound can continue to upgrade, or even turn into a reversal, basically depends on whether this level can be breached.

For $ETH, I mentioned yesterday that once it stands above 3060, it will head straight for 3230. As expected, it did not disappoint, Ethereum has this character: more aggressive and more elastic than Bitcoin. The first target has been reached, and the next pressure above will be at 3660.

As for my own operations, I closed half of my ETH long position around 3200, and will continue to hold the rest. If BTC rebounds to 98000 and ETH rebounds to 3600, I will consider shorting in batches.

I find that trading contracts suits medium-term positions; I am not the type to make several trades in a day. Many people watch BTC and gamble on long or short based on fluctuations of a few hundred dollars on the 15-minute K-line; such people are just here to give away money. #ETH走势分析