Wednesday Morning | Tang Long's Trading Ideas

First, look at Bitcoin. The key resistance level is around 71,400, which has been a critical barrier previously. As long as it breaks through and stabilizes above this level, bulls will have a chance to push higher; if it keeps failing to break through, the market is likely to remain volatile and weak.

Yesterday, the price tested the 71,400 level twice but was pushed back each time. It briefly surged to 71,700 before pulling back, indicating that the resistance here is quite strong and that this was a false breakout.

From the daily chart, a long upper shadow was formed. Although there are two consecutive bullish candles, the upward momentum is clearly lacking, and it hasn't broken above the Bollinger upper band. The bullish energy is still somewhat weak. Therefore, overall today, the market is more likely to weaken and pull back.

Key support is at 68,400. If this level is broken, it signals the end of the bullish trend, and the market may continue to weaken. Meanwhile, 71,700 remains the short-term dividing line between bulls and bears. If it can stabilize above this level, there is a chance to target 75,000.

Overall, the main trend remains bearish. Currently, the market is not a clear one-way move, and the switch between bullish and bearish can happen quickly. Trading should be flexible.

Trading Suggestions:

BTC:
Short at 70,500—71,400
Target 69,000—68,400
If it breaks below 68,400, the bearish trend may further intensify;
If it re-stabilizes above 71,700, consider adjusting your strategy.

ETH:
Short at 2,060—2,090
Target 2,000—1,970.