On Tuesday, the overall market presented a fluctuating downward pattern. Bitcoin experienced a slight rebound to a high point of 88904 in the morning before encountering resistance and pressure, subsequently gradually fluctuating downwards. In the evening, it reached a low of 86536 before stabilizing; the index also showed weak adjustments, starting a continuous decline from a high of 3035 in the morning, with a daily low probing down to 2899. Lao Hu maintained a bearish outlook throughout the day, and the strategies proposed accurately hit the expected targets, with both Bitcoin and the index's short positions achieving considerable space.
On the 4-hour level, the price surged to a line of 90599, forming the embryonic shape of a double top, breaking the short-term upward trend. The price quickly fell back from the upper track and pierced through the middle track, with the Bollinger Bands showing a narrowing downward pattern. The middle track also changed from a support level to a strong resistance level in the short term. The price encountered resistance and fell back when rebounding to this position; at the same time, the support area of the previous fluctuating platform was effectively broken, and after probing down to the low point of 86536, the rebound strength also appeared slightly weak, failing to recapture the key support level. On the K-line level, the rebound phase mostly consists of small solid bullish candles, reflecting that the bearish selling pressure can push the price down, while the bullish counterattack lacks sustainability. On the hourly level, after experiencing three bearish adjustments, a two consecutive bullish rebound repair arrived. The current price has risen to near the middle track, with the bullish column accompanied by a long upper shadow, clearly reflecting that there is still selling pressure above in the short term. The rebound momentum encountered significant resistance near the middle track; therefore, in the early morning operations, Lao Hu suggested continuing the idea of high short on the rebound.
Operation Suggestions
Bitcoin near 88200—88700, target looking at around 86500
