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10.19 Friday | Mugifeng Morning Review
Bitcoin yesterday retraced to 73,200 to stop the decline, then rebounded in a V-shape to 75,500, and is now consolidating with choppy trading in the high range. All the low-long thoughts from yesterday have been fully realized. The long position at the current price of 73,500 has also successfully captured a 1,500-point upside. Sell pressure is heavy at the resistance above; multiple attempts to push higher have met obstacles. When looking at the 4-hour chart, there are signs of a double-pin top. MACD and RSI bearish divergence has intensified. The bulls are lacking strength, while the bears are gradually gaining momentum. In summary, the morning operation recommendation is mainly to set up for shorts from the higher levels.
Bitcoin: 75,000-75,600 Short, target 74,200-72,000
Ethereum: 2,350-2,390 Short, target 2,310-2,230
$BTC $ETH