Bitcoin is currently experiencing a rebound after an oversold correction, consistent with our yesterday’s strategy of going long at low levels. The price bottomed out at 60,600 and has started to rise, currently around 62,800. I also reminded everyone yesterday that the downside space has not been fully opened yet, so avoid chasing short positions at low levels, as you won’t make much profit and may get trapped easily. Short positions should be arranged at higher levels. From a small cycle perspective, this rebound is not yet complete; overall, the trading approach should be to go long on short-term dips and short at resistance levels, going long in the short term and then short at the resistance to position for a decline.

Today, focus on two key levels: first is 63,500, which is a resistance level formed after the previous decline from 64,200. If the price struggles to break through here, you can start building short positions. The next is the short-term top at 64,200, which is likely to be tested later. However, whether it can break through today is uncertain; it may also consolidate first before pushing higher.

If the price breaks through 64,200 but fails to hold above it and quickly falls back below, that would be a typical false breakout, and the market is likely to continue downward, providing a good shorting opportunity. Conversely, if it successfully holds above 64,200, the rebound will continue, with the next target resistance around 66,800.

Finally, a practical trading tip: the profit margin for short-term longs is not large right now. Those wanting to go long in the short term should ensure proper risk control and leave room for error. For more conservative traders, wait until the price reaches the 63,500-64,200 range before entering short positions.

Specific trading references:

Bitcoin: Short at 63,500-64,200, stop-loss at 65,088, target 62,000, reduce position if reached, if broken below look at 61,000-59,800 $BTC

Ethereum: Short at 1,680-1,695, stop-loss at 1,730, target 1,630, reduce position if reached, if broken below look at 1,610-1,570 $ETH