1.5 BTC, ETH Evening Analysis: Narrow Range Fluctuation, Be Patient!
At the end of last month, the market broke out of the range and immediately retreated, and has been fluctuating within a large range since then. Last time, I mentioned that after the monthly line for Bitcoin was completed, it would start to show a bearish divergence downwards. Although the bulls remain strong, once the direction of a large-scale trend is confirmed, it will not easily reverse, so be cautious! Before Trump took office, the market was still filled with a sense of a slow decline, and friends in trading should maintain good defense to prevent the market from further plunging to 90,000. The risk of a change in the market recently is not small.
BTC Narrow Channel Viewed on Hourly Chart: Bitcoin is now again near a high-pressure point, with the highest spike at 98,949. It also touched the upper pressure points on the 21st and 26th of last month before pulling back, indicating that strong resistance has formed here. Additionally, a doji was formed on the line over the weekend, and there has been no direct breakthrough to stabilize at this position, so shorting is relatively appropriate. The lower trend line and resistance line in the trend chart intersect, and as long as this intersection position does not break and stabilize, we will look for a rebound; otherwise, we will continue to look bearish. The spike will target 95,500. Currently, the market is being suppressed by the EMA indicator, and technical indicators are also turning downwards, strongly indicating a bearish outlook, so we can short on the rise.
BTC Evening Strategy: Short at 97,800-98,300, with a target around 96,090!
ETH Evening Strategy: Short at 3,625-3,640, with a target around 3,580!
