Thursday, with a strong overnight rally, can we still chase today?

Bitcoin surged strongly yesterday, with the bulls reaching around 79,500 before encountering resistance and pulling back for a correction. This is a typical short squeeze rally. Our short positions are currently still trapped; we missed the chance to exit early in the morning, so now we can only continue to wait.

At present, the pattern still looks relatively strong, but there are signs of a short-term pullback. Key support at the four-hour midline around 76,500 should be watched closely. If it breaks down and returns to the previous range, it will continue to weaken and oscillate; if it holds, it will attempt to retest the 80,000 level and test the resistance.

For today’s strategy and operations, focus on first shorting then going long. A slight rebound in the morning can be used to enter high short positions. Reference the 78,350-78,850 range for shorting, targeting 76,500. If it doesn’t break, then consider going long again.

For Ethereum, the same logic applies. The 2400 level during the Asian and European sessions is a dividing line. In the short term, consider shorting in the 2400-2370 range, with a target first around 2325. If the level breaks, reduce positions and hold; if not, close the position and look for low points to consider going long. In such a volatile range-bound market, prioritize unwinding trapped positions and then look for new opportunities.