Bitcoin consolidates sideways with some movement, still on the same high-level shorting strategy next week!

Today is the fifth day of the Lunar New Year, Saturday. The market is moving within a narrow range, so there’s no desire to watch the charts. Currently, Bitcoin is around 68,200, with two small bullish candles on the daily chart. The KDJ lines are converging to form a golden cross upward, RSI is turning up, and the MACD bullish momentum continues to expand. However, the price has not been able to push much higher, the Bollinger Bands are narrowing, with the upper and middle bands opening downward, while the lower band is opening upward and rising. For short sellers, beware of market rallies that could liquidate leveraged shorts. For longs, be cautious of the market enticing more buying with slow gains; recent moves have been slow rises followed by sharp drops. If you have profits on long positions, remember to take partial profits gradually. If you’re trapped in long positions, exit promptly to cut losses! The weekly KDJ is flat with a slowing downward trend, RSI is turning down, and the MACD bearish momentum is still expanding. The overall trend remains bearish.

The market found support at 59,800 and rebounded. After reaching a high of 72,300, it formed a small downward channel, with the lowest retracement at 65,081. The market then rebounded again, but after hitting a high of 70,938, it faced resistance and formed another small downward channel, with a low of 65,595. Currently, the market is in a correction and rebound phase. As shown in the chart, there’s a possibility of forming an irregular W-shaped pattern, with two lows at 65,081 and 65,595, and two highs at 70,938 and 72,300. Next week’s high-level shorting focus should be on this area. Prices below 70,000 mean there’s no need to rush into short-term shorts, as the second downward channel has not broken the previous low, making a rebound and testing resistance more likely!

Ethereum also doesn’t need to go below 2000 to participate in short-term shorts. Next week’s high-level shorting should consider around 2100, which also makes stop-loss management easier. After a sideways consolidation, the market is prone to some action. As I always say, a rebound is normal; without a rebound, there’s no opportunity for high-level shorts. The rebound is just to position for better and higher short entries—nothing more! #Gate广场发帖领五万美金红包 $BTC