The monthly chart for Bitcoin shows a significant bearish candle, while the weekly chart for Bitcoin, although it shows a bullish rebound, has failed to break above the weekly resistance levels of Bitcoin 94000-94500 and Ethereum 3100-3170. The weekly support for Bitcoin is at 86000-84000 and for Ethereum at 2800-2750, with a risk of continued downward movement if these levels are breached!
On the daily chart, Bitcoin rebounded and tested the resistance level around 91500 before consolidating lower, with support at 86500-84500. Ethereum also rebounded and reached the resistance level around 3030 before consolidating lower, with support at 2830-2760. If the lower support holds, a new range may form for adjustment; if it breaks, bearish momentum may continue and must be monitored step by step!
On the 4-hour chart, Bitcoin rebounded and tested the resistance level of 92500-93000 before consolidating at a high level. It then retreated slightly, currently finding support at 86000-85000. A second test of the support level at 82000 is highly probable. Short-term resistance is at 87500-88500. Ethereum is following a similar trend, testing the resistance level of 3070-3100 before pulling back, with current support at 2800-2820. A second test of the support level at 2680-2700 is highly probable, with short-term resistance at 2860-2900!
Last week's analysis indicated that Bitcoin and Ethereum had dropped to the expected bottom positions, and the bearish sentiment has temporarily subsided. A long position has been established for Bitcoin and Ethereum, leading to the expected bullish targets being achieved by Saturday, with Bitcoin at 93000 and Ethereum at 3100. The analysis then pointed out that the market has reached the expected target, and a shift in strategy toward shorting to see a correction is necessary. Today's market has shown the expected decline, accurately validating the short positions for Bitcoin and Ethereum, which can be verified in previous texts!
Now that the market has begun to correct, we will continue to approach it with a high position shorting strategy!
Trading Strategy:
Short Bitcoin at 87000-87500, target 86000-85000, stop loss above 88500;
Short Ethereum at 2870-2900, target 2800-2750, stop loss above 2950;
The strategy is time-sensitive, and specifics will depend on real-time guidance in private!
