Gu Jingci: 3.8 Bitcoin/Ethereum Trading Strategy with Market Analysis

Since surging higher, Bitcoin and Ethereum have been retracing and declining, with the lowest points reaching around 66,700 and 1,935 respectively. Overall, the retracement has been relatively significant. The long positions we started to build during the retracement last night are still being held, with some additional positions added. The current average prices are around 67,200 and 1,958. The market remains volatile with a generally weak trend. In the short term, it is expected to continue oscillating within the previous range. Today, pay attention to the important support levels at 65,500 and 1,880 to 1,900. If support holds, the market may rebound repeatedly.

Currently, the market has reached above the lower boundary of the previous range at 1,930 and 66,000. There is no sign of a breakdown risk in the short term. Key support levels are near last week's weekly closing price. Since the weekly close is at 8 a.m. tomorrow, as mentioned last night, if the weekly candle continues to close bearish with a long upper shadow, it will indicate a weakening trend. Until a breakdown occurs, the bullish outlook remains unchanged.

Trading Recommendations: After adding positions, hold long positions at 67,200 and 1,958 patiently. For those without long positions, consider entering longs around the current price of 66,800 and 1,940, targeting 68,500 to 69,500 and 2,000 to 2,050 respectively.