Gu Jingci: 4.8 Bitcoin/Ethereum Morning Trading Strategy with Market Analysis

Bitcoin/Ethereum surged from the early hours of the morning all the way up to the current highs around 72,800 and 2,170, as tensions between the US and Iran eased. Overall, the rally was relatively strong. The “rally short” positions we set up again in the early morning also had no choice but to get stopped out after breaking above the recent daily high. Due to the impact of news on the headlines, the market has broken up and rallied, but it is now approaching the pullback support area around 73,500 and 2,280 after the prior breakout above 76,000 and 2,385. At this level, it is no longer suitable to keep chasing longs. The influence from the news will continue to trigger pullbacks and declines. The larger trend direction still remains bearish, and a true bullish trend will not arrive so quickly. For now, when the market rallies, you can enter short directly, and keep an eye on the resistance above.

Trading suggestion: For Bitcoin, enter a short position near 72,300 to 72,800, targeting around 70,000 to 71,000; for Ethereum, enter a short position near 2,250 to 2,270, targeting around 2,150 to 2,180. If it breaks through, continue to look for a drop toward around 68,000 and 2,100.

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