Bitcoin displayed a pattern of consolidation at higher levels following a bottom-searching rebound throughout the day. Price continued to decline from around 71,500 in the early morning, breaking through the 70,000 level, followed by a gradual decline with oscillations. It rebounded off the bottom in the afternoon, reaching a high near 71,300. After the US market opening, the price came under pressure and retreated, losing key support levels from the Asia-Europe session. We began establishing short positions in the morning and have successfully taken profits at 1,300 pips.
From a technical perspective, the hourly timeframe continues to print solid bearish candles, indicating strengthening bearish momentum. The ADX at only 19 suggests a trendless market, MACD momentum is waning, and RSI hovers around the neutral 50 level, with indicators showing converging weakness overall. The key support at 70,000 has been broken, with potential for further downside towards 69,000. Overall, the structure of gradually lower highs remains unchanged, making rebounds opportune entry points for short positions.
Bitcoin can be shorted in the range of 70,300-70,700 with a target of 68,500. Ethereum 2,160-2,190 short with a target of 2,100. $BTC $ETH
Bitcoin displayed a pattern of consolidation at higher levels following a bottom-searching rebound throughout the day. Price continued to decline from around 71,500 in the early morning, breaking through the 70,000 level, followed by a gradual decline with oscillations. It rebounded off the bottom in the afternoon, reaching a high near 71,300. After the US market opening, the price came under pressure and retreated, losing key support levels from the Asia-Europe session. We began establishing short positions in the morning and have successfully taken profits at 1,300 pips.
From a technical perspective, the hourly timeframe continues to print solid bearish candles, indicating strengthening bearish momentum. The ADX at only 19 suggests a trendless market, MACD momentum is waning, and RSI hovers around the neutral 50 level, with indicators showing converging weakness overall. The key support at 70,000 has been broken, with potential for further downside towards 69,000. Overall, the structure of gradually lower highs remains unchanged, making rebounds opportune entry points for short positions.
Bitcoin can be shorted in the range of 70,300-70,700 with a target of 68,500. Ethereum 2,160-2,190 short with a target of 2,100. $BTC $ETH