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Today on Monday, Bitcoin and Ethereum opened and quickly rebounded from the bottom. The bulls showed strong momentum, ultimately breaking through 73,000 to reach a high near 73,200 (Bitcoin) and 2,200 (Ethereum). Subsequently, a pullback signal was given, and the bears began to counterattack.
The previous post also mentioned that if the coin price could hold steady at 72,000, there would be a short-term new high. Currently, this has been confirmed. The coin price is currently trading around 72,400.
From a technical analysis perspective, looking at the hourly chart, the bulls have stalled and the bears are taking over. There is obvious resistance above, followed by a new round of pullback. We can trade bearish with the trend.
Bitcoin: Short around 72,800, targets 71,900-71,400
Ethereum: Short around 2,200, targets 2,130-2,100