Last night, the U.S. stock and crude oil price action was impacted by a double effect from both the market trend and the news cycle. The cryptocurrency market’s rebound after bottoming out yesterday continued to gather momentum during the U.S. trading session; in particular, BTC surged to around 7.65万 in the early hours. However, as the U.S. stock market closed, the momentum from the long side quickly faded, and the coin price saw a sharp decline from the recent high. At present, the price is hovering around 7.58万, stuck in a short-term sideways consolidation. The short positions from yesterday’s current-price entry have been adjusted with adding, reducing, and averaging down, bringing the average price to around 757, and it is still trending downward.

From a technical perspective, Dà bǐng’s 4-hour chart has printed a five-session consecutive bullish rebound. The price briefly recovered to around the Bollinger Bands’ middle band, but then immediately met selling pressure and closed with a middle-to-bearish K-line. It is still trading below the middle band. Overall, the downward trend structure is intact. In the absence of any sudden, major news catalyst, the pullback trend in the future is very likely to continue.

Looking at the hourly chart, after a sharp drop, the price moved upward slightly and slowly before running into resistance near the upper band. It then printed three consecutive bearish K-lines and quickly dropped again, and it has now returned to around the middle band. On indicators, MACD’s bullish energy continues to shrink in volume, while the three KDJ lines accelerate downward and spread apart simultaneously. In the short term, the bulls have completely lost their momentum. Overall, the trend remains weak.

Today’s trading strategy
Dà bǐng: Short in batches around 76000, with targets of 75000 and 74200.
Èr bǐng: Short in batches around 2330, with targets of 2280 and 2250.#GatePreIPOs首发SpaceX