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Reviewing the intraday market, Bitcoin opened with a bullish surge, breaking through resistance levels and pushing higher, with the price briefly spiking to around 73,100 before consolidating. During the day, it retraced in a correction pattern, with the price temporarily dipping and then rebounding strongly, reaching a low near 71,300 before rallying again. After the US stock market opened in the evening, bullish volume increased, pushing the price up to around 73,255 before facing resistance and pulling back. Currently, it is oscillating around 72,600 in a sideways consolidation.
Ethereum, on the other hand, initially tested the 2,250 level, then retraced to around 2,180, showing signs of a bottoming pattern. In the evening, bulls increased volume and pushed higher, with the price reaching a high near 2,260 before facing resistance and pulling back.
Today’s plan includes two short positions: one on Bitcoin, capturing a 1,700-point move, and one on ETH, capturing a 75-point move. The evening’s short positions are still held.
From the current chart, the daily timeframe shows continuous bullish momentum with a push higher, but the price remains under pressure near the upper Bollinger Band. The RSI has entered overbought territory with this rally, and the KDJ indicator is at a relatively high level showing signs of a potential reversal. Overall, the market appears to be entering a deep correction phase.
Looking at the four-hour chart, the trend shows a stair-step upward pattern, but after the rally, a long upper shadow has formed, indicating resistance. Although attempts are being made to break higher, there is no sustained breakout, signaling potential resistance. The indicators on the four-hour chart also show overbought signals similar to the daily timeframe, with the momentum nearly exhausted. The key for bulls is whether the closing structure can form a strong upward trend; otherwise, a deeper correction with increased volume may occur.
For Bitcoin, consider shorting between 73,000 and 73,500, with a target around 71,000.
For ETH, consider shorting between 2,245 and 2,255, with targets at 2,220, 2,180, and 2,160.