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3.7 Saturday Morning Thoughts: Volatile Adjustment, Treat as Range
As we approach the weekend, good morning everyone. I hope everyone has a pleasant day. Yesterday was another Black Friday, with the market sliding all the way down. Bitcoin dropped to around 67,700, and Ethereum also declined to about 1,955. Yesterday's bearish outlook and short positions were like picking money with eyes closed.
Today, the volatility won't be very large, so we won't look for a one-sided trend. Just treat it as short-term. After a big drop, the rebound strength is limited. In the short term, the trend remains weak for the bears, and short-term resistance is very clear. The current thinking is to watch for a pullback first; after a decline, go long.
Intra-day, Bitcoin is expected to be short around 68,500 and 69,000. Watch for support around 67,000 below. If broken, look for a move down to 66,000; if it doesn't break, then reverse to long. #GateforAI重磅上线 $BTC