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Looking at the hourly chart, BTC has broken below the Bollinger Band lower rail, and the rebound failed to stand back above the midline. The short-term trend is clearly weak. Although the KDJ indicator shows low-end blunting without obvious bearish divergence signals, in this situation, using rebound pressure as an opportunity to short with the trend is the play.
The short positions from this morning have already captured profits. Shorting at this current level offers a reasonable risk-reward ratio, so there's no need to chase the exact peak of the rebound. Just place the stop loss at the position where the structure weakens.
BTC
Entry: Around 72900-73500 short (rebound resistance area)
Target: First look at 72000, break below to target 71200
Stop Loss: Above 73800
ETH
Entry: Around 2270-2300 short
Target: First look at 2210, break below to target 2180
Stop Loss: Above 2320
I'm Xiaoqing #btc #ETH #BTC #Bitcoin