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The Bitcoin market performed relatively steadily today, with prices fluctuating between 1140 and 1156 dollars, and an overall fluctuation of about 1600 points. In contrast, the Ethereum market experienced more intense fluctuations, rebounding from a low of 3490 dollars to a high of 3716 dollars, demonstrating strong market momentum.
Currently, our short position has been adjusted from 1140 to 1146 USD, maintaining a position of 5 Bitcoin. Previously, we recommended entering short around 1150 USD, with a peak reaching 1156 USD. For investors who have already participated, it is advised to continue holding and observe the market developments.
From the technical analysis of the one-hour candlestick chart, Bitcoin has formed an inverted shape, which usually indicates a possible pullback. The next trend will depend on the strength of this pullback.
We set the first take-profit point at $1140, which happens to be the starting point for Bitcoin when the US stock market opens. The second take-profit target is around $1130. If the price falls below this level, we may see further decline to $1118.
Investors should closely monitor market trends and adjust their strategies accordingly. Remember, the cryptocurrency market is characterized by significant fluctuations, and investments should be made with caution; effective risk management is crucial.