What kind of monsters have come, the morning market first experienced a wave of pullback and adjustment before returning to the rebound track, but the strength of the rebound did not arrive as expected, instead, the momentum gradually depleted, and the bears launched a strong attack, with Bitcoin's lowest pullback near 111400. Ethereum's volatility yesterday did not have much fluctuation, and the accumulated momentum gradually converged towards the bearish direction, continuously breaking our expected support levels. The 4000 mark was also broken, and currently, the market is oscillating around this level. The Ethereum long position we set up in the morning was exited in time, and then we followed the trend to set up a short position, successfully capturing a space of 76 points. During this period, there were still continuous oscillations. This situation does not mean that we have the opportunity to enter the market, but rather gives us the chance to exit, a clear trap formation.
Currently, the overall market is experiencing severe declines, oscillating near the bottom support level, continuously testing the support efficiency below. The support level is about to determine the direction of the major correction in the future. From the 4-hour level, Bitcoin's price is distributed in the lower Bollinger Bands area, constantly testing the pressure at the bottom, and the three lines of the Bollinger Bands are gradually forming a convergence trend, with the upper and middle lines forming a downward closing shape. After the closing, a big explosion is about to come. From the hourly level, the short-term market will still show a certain degree of rebound to recover the downward shape, in order to form a closing shape on a larger level. Ethereum is similar, the breakthrough of the 4000 mark did not achieve significant continuation, proving that a rebound within a short period is inevitable.
Thursday afternoon operation suggestion: Bitcoin should maintain a short-term layout at the current level, and exit directly after touching the 113500 line.
Thursday afternoon operation suggestion: Ethereum's 4000 mark still needs adjustment, with a strong short-term rebound, exit directly near 4180.
