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Bitcoin surged to 76,350 then quickly pulled back, leaving a clear upper shadow, indicating selling pressure at high levels.
Ethereum also surged and pulled back in sync, with volume unable to support the rebound; fundamentally, it’s still following the upward trend, lacking independent upward momentum. The current rebound more resembles a correction within a downtrend, not a reversal signal.
Don’t be fooled by this weak rebound. The upper shadow of Bitcoin is a warning; the main force’s move to push prices higher and unload is very obvious. Ethereum, even at half the strength of Bitcoin, is not convincing, and following the rebound is just false hope.
If it doesn’t break through the high levels, the next step is a retest for confirmation; those chasing will have to stand guard.
Evening Strategy
Short positions around 76,500-77,000 for Bitcoin, targeting 75,000-74,000; if broken, continue to watch 73,000.
Short positions around 2,380-2,420 for Ethereum, targeting 2,300-2,260; if broken, continue to watch 2,200.