April 22, Tuesday Strategy Update

Last night, affected by the sharp decline in the US stock market, Bitcoin fell below 87,000, and Ethereum dropped even more, falling to 1,530, a 100-point drop.

This article still takes Ethereum as an example.

In terms of pattern, Ethereum followed an inverted V route last night, with significant resistance above.

On the 4-hour K-line chart, a rectangular oscillation pattern has formed, making it difficult for the market to rise in the short term.

In terms of trading volume, the increase in volume during a downturn indicates a bottom, so it is unlikely to continue washing down to around 1,530, but there is a Bollinger band mid-line resistance around 1,600, and the market is still primarily bullish.

The 15-minute MACD has a dead cross and is below the 0 axis.

RSI is less than 50.

Therefore, Ethereum's market is still primarily bullish, with a support level at 1,530 and a resistance level at 1,600. (Short near the resistance level)

Prioritize shorting Ethereum (Bitcoin and Solana are strong, do not short easily, rather focus on low buys).