Gu Jingci: Bitcoin/Ethereum successfully completed a long followed by a short position yesterday. The early session saw a rally with prices pushing higher, then pulling back.

During yesterday’s rally, Bitcoin/Ethereum’s current prices reached around 66,000 and 1,980, respectively, then rose to about 68,000 and 2,080. Later in the evening, after hitting new highs, multiple short entries were suggested around 67,600 and 2,070. In the early session, prices dipped multiple times to around 66,200 and 2,010, with the first target nearly fully reached. The strategy was to first go long, then short, capturing over 3,000 points and 150 points of profit. The market is now rallying again but has reached the upper boundary of the previous range, facing resistance. Watch for a breakout above 68,500 to 69,000 and 2,100 to 2,120 levels. On the six-hour chart, Bollinger Bands are narrowing downward, and after reaching this level, the market faced resistance. This position can be used as a basis to continue short entries.

Currently, the market has bounced multiple times after bottoming out but remains in a volatile pattern. From a technical perspective, the daily chart shows prices moving within a descending wedge or bottom convergence pattern. The MACD histogram shows signs of shrinking, and RSI has recovered from oversold levels to around 40, indicating potential for a rebound and correction. Resistance levels above still exist, while support levels below are gradually strengthening. Overall, volatility is narrowing, signaling a possible trend reversal. Until a breakout occurs, focus on resistance levels above.

Trading suggestion: Continue short positions around 68,100 to 68,500 for Bitcoin, with targets around 65,500 to 66,500; for Ethereum, short around 2,080 to 2,100, with targets around 2,000 to 2,020.

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