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Monday's Bitcoin market overall continued to weaken, with the price falling from 78,500 to the 76,000 range. Our high-level short strategy yesterday was perfect; after a rebound to 77,757 in the evening, it quickly fell back to 76,014, providing a 1,700-point space. Ethereum was slightly weaker, also providing a 82-point space, accurately fulfilling the prediction, and the bearish trend continues.
The daily chart continues to close with a downward candlestick, with prices under pressure from moving averages; the four-hour rebound is weak, with volume increasing during declines and decreasing during rebounds. Bearish momentum is well-stocked, and the short-term trend favors a weak downward move. Today, the focus remains on rebounds for trading.
For Bitcoin, short positions near 77,500-78,200 with a target of 76,000; if broken, look further down to 75,500. If support at 76,000 stabilizes and clear signs of a stop in the decline appear, then a light long position can be attempted.
For Ethereum, short positions near 2,150-2,180 with a target of 2,100-2,070; if it continues downward, look toward 2,050-2,030. Conversely, try light longs if the price shows signs of a rebound.