Wednesday Thought Analysis
The overall trend of Bitcoin on the daily chart is showing a downward trend, gradually declining from high levels. Although it found support at 103,300 and rebounded, it is currently operating around 104,800. In the short term, while the downward momentum has weakened, the rebound strength is also limited. Only a breakout above 106,000 with increased volume may lead to further rebounds; otherwise, it may continue to test the support below.
The Federal Reserve's decision and Powell's speech early the next day will affect the price of cryptocurrencies. With the situation in Israel escalating, Trump supports Israel while Iran takes a hardline stance, which may intensify bearish pressure. The 100,000 Bitcoin may no longer exist, and any subsequent rebound would be an opportunity to escape.
Short Bitcoin around 105,800, targeting 102,000.
Short Ethereum around 2,570, targeting 2,400.
