Old Wang's direction of thought given yesterday is still correct, but unfortunately, the market has been sluggish for too long and has not been able to break the new high.
From the observation of the four-hour chart pattern, Bitcoin has recently formed a series of three consecutive bullish candles. After the price touched the middle band area of the Bollinger Bands, signs of weakening upward momentum have emerged. The current market overall presents a weak pattern, and the characteristics of a phase adjustment are becoming increasingly significant. From the daily chart perspective, the price continues to run along the lower track of the Bollinger channel, with the lower space gradually being released, and the lower track of the Bollinger Bands continues to dive, with signals indicating increasing bearish dominance. At the four-hour level, the three lines of the Bollinger Bands are diverging downward simultaneously, with bearish sentiment prevailing. After a brief rebound to the middle track, the price encountered resistance and fell back again, with clear lack of upward momentum. In summary, based on technical pattern analysis, it is difficult for the market to reverse its downward trend in the short term. It is expected that the subsequent trend will continue to oscillate downward, and the operational strategy should focus on risk prevention, paying attention to the critical support level break.
Operational suggestions:
Bitcoin short at 88000-88500, looking down to 86000
Ethereum short at 2980-3010, looking down to 2850
