The Iran nuclear talks have made some progress, but key issues remain difficult to resolve peacefully! Thoughts on the February 7th Bitcoin move

On Friday, US and Iranian officials held indirect talks in Oman under mediation — the first formal meeting since the US bombed Iran's nuclear facilities last year. Iran's foreign minister said the nuclear negotiations in Oman had a good start and agreed to continue talks. Iran showed flexibility on uranium enrichment but still firmly refused to negotiate on missile programs and other issues, with mutual distrust being the core challenge. Yesterday's prediction that the price would rebound was in line with expectations. The long positions gained nicely! You might consider moving your stop-loss closer. Those who haven't entered yet can wait for a pullback before jumping in!

Bitcoin's early morning bullish candle closed positive, with the major bullish candle nearly recovering most of the previous day's decline. Considering the continuation of the short positions from Friday night, the gains are larger than Thursday's losses. Such a strong rebound is definitely supported by institutional funds, so for intraday trading, Conan suggests mainly pulling back to go long!

February 7th Long Position Strategy:

Buy on dips around 67,000-67,500, conservative entries at 66,000-66,500, with stops near 65,000. Target around 69,000-70,000. If broken, look for 70,500-71,000-71,500-72,000, and continue moving stops accordingly based on market conditions!

Ethereum dips around 1,930-1,970 to go long, conservative entries near 2,000, with stops around 1,870. Targets are 2,050-2,100. If broken, look for 2,150-2,180-2,200, and continue moving stops accordingly based on market conditions!

February 7th Short Position Strategy:

Bitcoin rebounds from 72,000-72,500 to short, conservative entries at 73,000-73,500, with stops near 74,000. Targets are 71,000-70,500-70,000. If broken, look for 69,500-69,000, and continue moving stops accordingly based on market conditions!

Ethereum rebounds from 2,200-2,230 to short, conservative entries at 2,250-2,280, with stops near 2,320. Targets are 2,150-2,100. If broken, look for 2,080-2,050-2,020, and continue moving stops accordingly based on market conditions!

For those who entered short positions yesterday with proper stops, try gradually scaling in if you have positions. The overall trend remains bearish, though the amount of capital entering is uncertain. Additionally, the public release of the Epstein files may have long-term impacts, so operate cautiously!