Last week's weekly report had a very clear view. We were bearish from Monday onwards. The weekly report also clearly indicated that "the C wave adjustment has not ended" and the market still had some adjustments to go.
After that, the market experienced a rapid decline, reaching a low of around 24,800. On Tuesday, we mentioned that if the market stops falling after a shock, there will be low point support, and the validity of the low point will be higher than the last time. After that, both BTC and ETH formed a 4+6H low point signal, and started an effective rebound cycle.
BTC4+6H low point chart
So far, Bitcoin has achieved our estimated first rebound target, reaching a high of around 26,800 over the weekend, and is not far from the second target of 27,200.
In the short term, last Friday we mentioned that we should pay attention to the high point of the 1-2H cycle between 26800-27200 during the weekend. The 1H high point of BTC and ETH resonated appeared over the weekend, which was also near the pressure level we expected, and happened to be the highest point of the weekend market.
1H high point chart
At present, Bitcoin still maintains its strong characteristics, and it performs relatively strongly whether it rebounds or adjusts. However, Ethereum rebounds weaker and falls more strongly, and performs more weakly instead. This is basically consistent with the "Bitcoin bloodsucking" in the bear market we mentioned earlier.
TRB, a recent hot currency, also experienced a "cooling" trend last night. It rose by more than 90% last week and fell by 30% in the short term. It rose the fastest in the rebound cycle and fell the most in the decline cycle. The short-term heat may continue for some time.
In the short term, the effectiveness of last week's 4+6h low rebound to the weekend has basically ended. As expected, a high point signal appeared near the pressure level over the weekend, so at present, this 4H level rebound may have ended, and the next trend will follow the market's own wishes.
In terms of the trend, the upper pressure level of Bitcoin BTC is between 27000-27400 on the daily line. This is the pressure level of the trend and the pressure level of the resistance line. If the market wants to strengthen again and return to the upper trend, this pressure level must be broken. However, from the current technical point of view, it is still very difficult to go up.
This week, the focus will be on whether BTC’s rebound will end. If it continues to move upward, we can pay attention to the high point warning at the 2H or 4H level and the resistance near the pressure line. There may be a higher level high point signal to end this rebound.
As for the 4H support level of Bitcoin, if the price goes back below 26,000, it will return to the adjustment cycle and continue to move in wave C.
