Market Analysis from the Perspective of Chan Theory:
From the perspective of Chan theory on Bitcoin, the current weekly downtrend structure still exists. We are looking for smaller perspectives within a larger framework. Currently, we are in a buy-back pullback state within a weekly downtrend structure. It is crucial to note that it is still uncertain whether this upward movement has ended or not. Therefore, for this daily level rebound, the highest target is temporarily set around 98000. The MACD is still widening upwards during the process of the golden cross back to the zero axis, so the likely pullback of this upward movement has not yet ended. We need to wait until this four-hour level upward structure is completed before the market can better welcome a weekly downtrend.
Now let's talk about Ethereum. From the four-hour level structure, Ethereum is in a level 1 uptrend, level 2 downtrend, level 3 uptrend, and level 4 downtrend. We are currently in a level 5 uptrend structure, and the same level breakdown does not show a backstab upward. Therefore, after a pullback, as long as it does not break below the lower edge of the center, we continue to look for buying points. At this time, we can use Fibonacci to determine rebound targets. For example, a weak rebound at 0.382 has reached the minimum target of 3440, and if it goes up stronger, it will be around 3700! Just like Bitcoin, once this upward movement is completed, the market will also welcome a weekly downtrend.
So the large-scale weekly downtrend remains unchanged, but for short-term trading, it is crucial to look for smaller cycle periods within the larger perspective!
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