The midday price action unfolded exactly as our morning analysis predicted. After bouncing near 71,600, the price encountered resistance and retreated, further validating the effectiveness of the upper pressure zone. Our short positions established near 71,500 have successfully captured approximately 800 points in profits, and the price is currently consolidating around 70,600 with complete control over the downtrend rhythm.
From a technical perspective, the rebound lacks conviction, and the long upper shadow formed at 71,600 is a textbook bullish trap signal, indicating exhausted bullish momentum and heavy pressure from overhead trapped positions. The current price is approaching the key psychological level of 70,000, with the 4-hour moving averages in a bearish alignment, MACD showing a bearish crossover, and the technical structure displaying a clear downtrend continuation pattern. The bearish trend remains intact.
In terms of operations, we maintain our core strategy of trading with the downtrend via high-level short entries while strictly avoiding bottom-fishing. The market is in a bearish-dominated downtrend continuation phase, and any rebound without volume should be viewed as an opportunity to add to short positions. #Gate13周年全球庆典
The midday price action unfolded exactly as our morning analysis predicted. After bouncing near 71,600, the price encountered resistance and retreated, further validating the effectiveness of the upper pressure zone. Our short positions established near 71,500 have successfully captured approximately 800 points in profits, and the price is currently consolidating around 70,600 with complete control over the downtrend rhythm.
From a technical perspective, the rebound lacks conviction, and the long upper shadow formed at 71,600 is a textbook bullish trap signal, indicating exhausted bullish momentum and heavy pressure from overhead trapped positions. The current price is approaching the key psychological level of 70,000, with the 4-hour moving averages in a bearish alignment, MACD showing a bearish crossover, and the technical structure displaying a clear downtrend continuation pattern. The bearish trend remains intact.
In terms of operations, we maintain our core strategy of trading with the downtrend via high-level short entries while strictly avoiding bottom-fishing. The market is in a bearish-dominated downtrend continuation phase, and any rebound without volume should be viewed as an opportunity to add to short positions. #Gate13周年全球庆典