Latest thoughts on BTC/ETH on Monday evening

The idea of going short first and then long during the day comes to a conclusion. A new month is a new starting point. Leave yesterday's glory behind, a new journey is about to begin. Three flipping teas every week will help you escape from the depths of difficulties!

The four-hour chart shows a consecutive two bearish candles, operating above the middle band of the Bollinger Bands. Since being pressured from last week's high point, BTC has formed a coherent wave-like downward structure and is currently in the second wave downtrend phase. After a quick retreat from the previous upper band high, it briefly broke below the lower band support and continued to decline along the lower band. The short-term market sentiment is completely dominated by bears, and the downward momentum is showing strong performance.

Combining the current sentiment from the market and technical signals, it is recommended to focus on short positions in the evening, as follows:

BTC: Short near 87600, watch 86100, 85000;
ETH: Short around 2870, looking at 2800, 2710.

Personal opinion, for reference only, not investment advice!

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