Reviewing the afternoon market, the Bitcoin price experienced a waterfall decline, falling sharply, with bears continuing to pull back, reaching a low near 105,000. Unfortunately, the long positions we set up in the afternoon were also stopped out. Ethereum mirrored Bitcoin's movement in the afternoon, currently pulling back to around 2,540.
The price has broken below the short-term EMA, and the moving averages are in a bearish arrangement, reinforcing the downward trend. The DIF and DEA have crossed below the zero axis, with bearish candlesticks expanding, increasing bearish momentum. The 4-hour RSI has entered the oversold zone, indicating a potential short-term demand for a rebound or correction, but the trend still leans bearish. The price is operating under the pressure of a descending trend line. Currently, we should first pay attention to whether the 105,000 level can hold as support, with the second support level at 104,500. We can consider taking a short position in line with the trend. However, the main focus should still be on capturing long positions at lower levels.
Operation Suggestions
Long at 104,500-104,800 for Bitcoin. Target 107,000
Long at around 2,520 for Ethereum. Target 2,600
