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Bitcoin/Ethereum have continued with aggressive short setups recently, including last night. Although the layout was a bit bold, many people may have exited too early from Ethereum positions, but we have held on all along. After all, Bitcoin did not break the key level; the highest last night only reached around 79,380. During the early morning pullback, all short positions were closed around 2,420. The market found some support around 76,900 and 2,385 during the early session and has since rebounded, but the strength of the rebound has not been significant. On the hourly chart, there is still some room for further rebound. On the daily MA moving averages, both the 5-day and 10-day lines have turned downward, indicating the trend remains bearish. Resistance from the moving averages is around 78,500 to 79,000 for Bitcoin and 2,460 for Ethereum.
After the rebound, you can continue to take short positions; keep monitoring the 75,500 and 2,350 areas for short-term support. The market is rangebound after the early session and through the weekend. Tomorrow at 8 a.m. (UTC+8), the monthly chart will close, and the trend will become clearer. Bitcoin has repeatedly tested the 80,000 level without breaking it, so there is a chance for a further, larger pullback ahead.
