$BTC Bitcoin surged intraday to 80,590, hitting a new stage high. Bullish sentiment ran high. Then, due to an unexpected geopolitical development, panic spread across the market, and the price quickly plunged and pulled back. At the high, a sunset-figure star reversal pattern formed. Combined with a news-page catalyst, funds concentrated their exits. This pullback is a sentiment-driven selloff driven by geopolitical developments—not a technical breakdown, nor the end of the bullish trend. It is simply a short-term external disturbance. Tonight, focus on repairing sentiment and the key resistance levels overhead, and get the short-term long/short rhythm right. Our morning plan for Bitcoin and Ethereum longs was already explained clearly in the previous article, so we won’t go over it again here. Our short-term long trades have also already been exited in the afternoon, while swing and medium-to-long-term participants are still staying on the sidelines.

From the daily timeframe, after price touched the upper Bollinger Band, it closed bearish under pressure, with resistance clearly defined above. The price still has room for further downside. Although the Bollinger Bands show signs of narrowing, it still needs a wave of a large bearish candle to pull back in order to break the current consolidation pattern. From the wave structure perspective, a further breakdown is already highly likely. Combined with the four-hour top-and-reversal, the price presses under the upper band and has started to retrace. The consecutive-decline bearish move has only just begun, and bearish momentum is likely to continue. For tonight’s operations, short the market following the trend as the main approach.

Monday night Bitcoin: short near 79,000. Key level to watch: 77,500.

Monday night Ethereum: long near 2,350. Key level to watch: 2,300.

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