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Today’s early session saw Bitcoin long positions successfully take profits, with gains of nearly 2300 points. The current market is indeed still on the rebound path, but it’s still a bit away from the expected high point, so I chose to step back for now. Instead of stubbornly holding on, it’s better to be flexible with swings.
From a technical perspective, the rebound space for Bitcoin is expected to be between 100,000 and 102,000. Ethereum is following Bitcoin’s rhythm, with rebound targets aiming for 3500 to 3800. On the monthly chart, Bitcoin is supported by the MA20 during this rebound, and Ethereum is also following suit.
The key point is, once the rebound reaches certain levels, be cautious. From a longer-term perspective, this rebound might just be a breather in the middle of a bear market. Once the monthly resistance is touched, there could be deeper declines ahead. So the current strategy is to step back first, and after the rebound targets are reached, see if there’s an opportunity to enter short positions.
Market always tests levels repeatedly; the key is to maintain a sense of rhythm and avoid greed.