The rhythm of the high-level consolidation has seen Bitcoin's market drop by 8000 points since yesterday, repeatedly testing the bottom support level, with the lowest drop reaching the 83786 line. It has started to show signs of a bottoming rebound and repair. This overall rhythm indicates that the momentum is bearish and increasing, but from all angles, there is hope for a deep rebound from the bulls. At this time, we must stick to our viewpoint: if 87200 does not break, we will not change our bullish thinking. If it fails to exceed the previous starting point, then there is still clear resistance above, so we should patiently wait for a pullback.
From the current technical analysis of the market, at the four-hour level, after a round of strong downward movement, the market has stopped falling and rebounded, entering a clear correction cycle overall. Although the bulls have gradually regained some ground, the Bollinger Bands still maintain a downward opening shape, and the overall technical structure has not fundamentally changed. The main trend still leans bearish. From the hourly level, the market rebounded but encountered resistance below the upper Bollinger Band, with the moving average system showing an upward divergence. However, technical indicators have already shown signs of a downturn. Although the short-term market presents a phase of relative strength, under the premise that the larger bearish trend has not reversed, the probability of a second retest of the lower support after this rebound cycle is very high. In terms of strategy, one should first pay attention to the strength of the rebound in the morning. After the rebound momentum weakens or clear pressure signals appear, one can select the timing to lay out a bearish position.
Bitcoin: Short near 87000-87500, targeting 85000-84500
Ethereum: Short near 2850, targeting 2700
