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Early Friday afternoon
The trajectory of BTC this morning is clear: the rebound is not sustainable, and today we look at the short side first.
Yesterday, BTC fluctuated upward all the way, briefly touching around 62200, then quickly retraced to 61100 for a support bounce. At night, it oscillated sideways in a narrow range, currently hovering around 61500.
On the 4-hour chart, consecutive bullish candles appeared. The small cycle broke above the Bollinger upper band but was pushed back below it to oscillate. However, this rally clearly lacked follow-through, and the key resistance above remained unbroken. Simply put, this rebound is just a corrective move, not a reversal. After a decline, a rebound is normal, but if the momentum is insufficient, a retracement must be guarded against. So my idea today is to first look at a short retracement.
Suggestions:
BTC: short around 61800-62300
Target: 60500-60000
ETH: short around 1720-1745
Target: 1675-1650