Yesterday, the overall performance of Bitcoin remained within a narrow range of fluctuations. In the evening, a sudden plunge occurred at the 89800 line, with the price dropping to around 85000 before stabilizing somewhat, accompanied by a weak rebound. The overall decline approached 5000 points, and the current market is consolidating around 86000. The high short strategy we provided yesterday was successfully realized, achieving the expected profit.
From a technical perspective, the bearish structure is clear at the 4-hour level: the price broke below the lower Bollinger Band and failed to effectively pull back. The overall Bollinger Band shows a downward opening pattern, with the price continuing to be under pressure near the lower band: the MACD death cross continues, the green bars are continuously expanding, and bearish momentum is still being released: although the KDJ has entered the oversold zone, a clear golden cross has not yet formed, and the short-term rebound strength is limited. We still need to guard against the possibility of retesting previous low points.
Bitcoin resistance at 86800, support near 87500, looking down to around 84600; break below looking at 83500.
Ethereum resistance at 2980, support near 3030, looking down to around 2850; break below looking at 2780.
