Wednesday Morning Jing Yi's Thinking: Rebound Can Be Shorted


Yesterday morning, the idea was that Bitcoin would rise 900 points, and Ethereum would rise 41 points. Today, it’s almost going to shatter. Fortunately, after the US stock market, Bitcoin rose 900 points, and Ethereum rose 36 points. A small comfort for the short-sellers.

Currently, in the short term, it’s mainly a pullback and oscillation. Bitcoin is likely to weaken and oscillate, with a slight pullback testing the 7600 level. If it stabilizes above 76000, it will continue to range sideways; a break below 7600 will target support at 755-746. Ethereum, linked to BTC, is relatively weak. As long as ETH doesn’t break 760, it will stay in a narrow range; a break below will accelerate the pullback in sync.

Trading Suggestions
Bitcoin’s rebound faces resistance at 769-703, so lightly short on small positions, targeting 762–758.
Ethereum in the 2130-2180 range, shorting with a target down to 2100-2050-1960.
BTC-0.02%
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