Reviewing the intraday market, the coin price has been experiencing continuous oscillation and downward pressure since early this morning. The overall correction trend has been relatively slow. Tonight, with the release of CPI data, the price retraced below 69,000 points for the day, then followed the US stock market's rhythm with a rapid surge. The price tested the intraday high of 71,000 before pulling back. Currently, the price is hovering around the 70,000 level, consolidating in a continuous tug-of-war. Looking back at the intraday real trading, we clearly provided a retracement warning this morning. In the afternoon and US session, short positions gained 1650 points of space. Due to ongoing intraday volatility contraction, there were no particularly outstanding gains today. However, during tonight’s adjustment, we also timely avoided unnecessary risks in the market. All the positions we led students to participate in prioritized risk control from start to finish. This is also my greatest confidence in leading students to achieve small goals of small profit and quick turnaround.
From the daily chart of Bitcoin, after testing the low support at 60,000 and bouncing slightly, the price then traded sideways in a long-term consolidation range between 65,000 and 70,000. The current consolidation trend is still continuing. Recently, the price has been expanding slowly within this range. In the medium term, after the bulls and bears' battle ends, the price is expected to break through this range. On the four-hour chart, after the upper band faced resistance and a bearish decline, the current rebound with a bullish candle quickly repaired the chart. However, the long upper shadow indicates that the upward trend is not strong, and the bulls and bears are still engaged in ongoing tug-of-war. Overall, the short-term trend on the four-hour chart remains more resistant above than support below, consistent with the idea that the retracement trend will continue. In the short-term hourly chart, tonight’s rally following the US stock market’s upward trend saw consecutive bullish candles, but both attempts to break the intraday high failed. The price then quickly retraced and repaired. Currently, the price is moving between the middle and upper bands, showing that the bullish momentum for the rebound is severely lacking. In the early morning market and during the white session, we maintain a bearish outlook, and participation in rebounds should be shorting at high points.
For Bitcoin, short around 70,800, watch near 69,500. For Ethereum, short around 2,070, watch near 2,010.