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February 20th Bitcoin and Ethereum Market Analysis
The current market remains in a weak consolidation pattern, with bearish forces dominating. Price fluctuations have significantly narrowed, showing a stepwise downward trend and repeated tests of support levels. On the macro level, since the Federal Reserve's rate cut window has not yet opened and liquidity expectations have not experienced a substantial shift, the market still has a need for a secondary bottom test in the short term. It is recommended to follow the trend with primarily long positions on dips and short positions on rallies.
Ethereum is weakening in tandem and maintains a strong correlation with Bitcoin. The resistance level is at $2000; a rebound to this area can be used to enter short positions, with a target around $1850. Currently, patience and waiting for a rebound before shorting remains a safer strategy.
Trading suggestion:
Sell in batches after a pullback to 68,500-69,000.