After a significant decline in the market yesterday, the market is gradually rebounding, with weak momentum. Currently, the price of Bitcoin has rebounded to $104,800, and Ethereum has rebounded to $2,530. From the current trend, the rebound strength is weak and unable to continue upward. The Bollinger Bands are gradually narrowing, and the market is heading towards consolidation. The middle band of the Bollinger Bands on the four-hour chart is forming a strong pressure position above, making it difficult to continue upward due to insufficient momentum in the short term.
Technical Analysis
From the current trend structure, the candlestick chart shows a wedge-shaped declining structure. The hourly chart level is currently under pressure from above and is gradually moving downward. The MACD red energy bars are gradually decreasing, with the trend shifting from bullish to bearish. Bitcoin support is at $103,500 below. For Ethereum, focus on $2,480. Tonight, the market trend is expected to first decline and then rise. In trading, it is advised to short in the short term first and then go long at a lower level.
Trading Suggestions
For Bitcoin, it is recommended to short in the range of $104,800-$105,000 with a target of $103,500-$103,800.
For Ethereum, it is recommended to short in the range of $2,530-$2,550 with a target of $2,480-$2,450.