This is not the bottom signal📶
It has been supported near 57770 for 4 consecutive times, but the rebound height is getting lower and lower. If this wave of rebound cannot break 59200, then falling below 57000 is a foregone conclusion. On the other hand, the trend of Ethereum is very strong, and the lows are higher and higher.
ETH may have been under the selling pressure of V God and the foundation recently. The market is generally not optimistic about the future of ETH, and even thinks that the SOL chain will replace ETH. But if the ETH chain is really replaced, other chains will definitely do better than the ETH chain. Not necessarily. The old public chain has a solid foundation. ETH still has the hope of an explosion in the future. Judging from the current trend, there is already a signal of the bottom. Don’t forget that the Ethereum ETF has been falling since its listing, which is similar to the listing of the Bitcoin ETF, so don’t be too pessimistic. The subsequent trend of Ethereum is still worth paying attention to. It may not be weaker than BTC.
BTC's recent trend is very similar to the previous ones. I don't know if you have observed it carefully. The high point of the rebound is getting lower and lower. The support near 57770 has also been supported for 4 consecutive times. So the support level here has been worn down and is getting weaker and weaker, and it may be broken at any time. If this wave of rebound cannot break 59200, then this wave will definitely fall below 57770. It is normal to reach around 56500 or even 55000. Therefore, it is still necessary to focus on high altitude, unless it effectively breaks through 59500 before considering long. Otherwise, try not to do more first, otherwise you will definitely be trapped. Now it depends on where the second bottom will go.
At present, BTC's daily MACD has formed a dead cross near the zero axis and has opened downward, KDJ is also downward, and the OBV volume has even reached around 51000. This volume is not right. The dealer has been shipping, and the big whales have not copied. Now the bottom is basically small retail at this position.
Bitcoin's small-level indicators are also strong and bearish, and there is no sign of rebound.
ETH is also being led astray by Bitcoin. This wave is bound to bottom out near 2390 again. If it can't hold here, it will continue to look down near 2216.
The general trend is now empty, and there is no explosive news, so it is still necessary to focus on high altitudes. It is not recommended to go long.
