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The market is still underwater, with Bitcoin at a low of 77,601 and Ethereum at a low of 2,160, hitting new lows again. The bearish outlook given at midday has been perfectly fulfilled. The downward trend has continued through the weekend, and we are still in a weak market. No clear reversal signals have appeared yet, so following the trend remains the only option.
Zhi Lan's real short position has been successfully closed with profit, from start to finish,
Bitcoin short at 78,440 → exit at 77,840, capturing 600 points of profit;
Bitcoin short at 79,117 → exit at 78,443, capturing 674 points of profit.
Follow the trend; for the weekend, traders are advised to enter and exit quickly, taking whatever the market offers.
Currently, the Bollinger Bands are opening downward, with the candlesticks hugging the lower band, and the rebound has not even reached the middle band on the hourly chart. Bitcoin is weakly oscillating in the 77,700-78,000 range, while Ethereum is hovering around 2,170.
In terms of strategy, do not try to catch the bottom or bottom-fish; continue to short on rebounds.
BTC: Short on rebounds around 78,200-78,400 if faced with resistance, with targets down near 77,500-77,000,
ETH: Short on rebounds around 2,180-2,190, with targets down near 2,150-2,130.