Is Bitcoin's rebound reaching a top signal? Reduce positions on highs, patiently wait for low-level buying opportunities.
Last Thursday, it was indicated that the short-term rebound strength was weakening, and a 1-hour level pullback was imminent. Now, Bitcoin has fallen from $94,150 to $88,000, with a drop of $6,000 confirming the judgment, but this 1-hour pullback has not yet ended. Whether it can escalate to a 4-hour level decline still requires continuous observation.
Since Bitcoin rebounded from $80,600, there has been no clear bottom signal on the daily chart, and it lacks a strong upward driving force. This rebound is merely a short-term correction, and it is highly likely to test or even fall below $80,600 again. Rather than entering blindly, it is better to patiently wait for the completion of the 4-hour level decline, as buying opportunities will be more secure.
Short-term Bitcoin: Oscillating entanglement, reducing positions on highs is advisable.
1-hour level: The downtrend may continue. If it falls below $88,000, $94,150 is likely to become the 4-hour rebound peak, and it may oscillate downwards afterwards. However, with the Fed's interest rate cut approaching in December, the market may be repeatedly swayed by news, and a return to $91,500~$92,000 during the 1-hour rebound cannot be ruled out, followed by a downward movement.
15-minute level: Currently in an oscillating center, it may either fall below $88,000 to explore $86,000 or break through $90,300 to initiate a 1-hour rebound. If the rebound takes place, it may impact $94,000 or form a pullback signal.
Overall, Bitcoin's 4-hour rebound is nearing its end, with a tangled short-term trend. It is advised to sell on highs and wait for a low-level entry in about a week.
Short-term Ethereum: Follow Bitcoin's trend, plan to enter below $2,600.
Ethereum's movement is in sync with Bitcoin, with two core points of focus: breaking below $2,980 may start a 4-hour decline, but it is highly likely to have a 1-hour rebound to around $3,100; if it does not break $2,980 by tomorrow morning and breaks above $3,075, a 1-hour rebound may start, potentially impacting $3,250.
The 4-hour rebound for Ethereum is also nearing its conclusion, and it is recommended to wait for a drop below $2,600 before considering buying spot.
Trend Overview: Overall bearish, decline has not stopped.
- Weekly: Direction downward, likely has entered a weekly level decline;
- Daily: Downward trend has not stopped, with $71,000 support expected to be strong;
- 4-hour: Turning downward, rebound is basically ending;
- 1-hour: Maintaining a downtrend, whether it ends needs observation of short-term structure;
- 15-minute: Oscillating consolidation, waiting for a clear direction of either downward break or upward surge. $BTC $ETH #美联储重启降息步伐
