Sunday Afternoon Bitcoin and Ethereum Analysis
This weekend, the market broke the recent quiet pattern and continued the weak trend from Friday, with Bitcoin encountering another deep correction. During yesterday's trading, although Bitcoin rebounded to a high of 103940 (we took profit from our long position at this point for 1000 points), it was soon under pressure and fell back, transitioning to a fluctuating downward trend, accompanied by several brief dips. Early this morning, the price touched a low of 100789, allowing our short position to gain another 4000 points. We had alerted about the risk of a pullback last night and are now re-evaluating the technical structure and formulating a response plan.
From a technical perspective, Bitcoin's daily chart has continuously closed in the red, basically retracing the gains from the previous day; the earlier rebound showed a 'long lower shadow bullish trap' pattern, with bullish momentum being temporary and unsustainable; the current price is once again testing the key previous low support at 100305, rebounding quickly to the 102300 range for consolidation.
The core logic of this trend is that the integer level of 100000 serves as a watershed for bulls and bears: this position acts as both psychological support and a pivot for trend reversal. If it can hold effectively, there is still strong upward momentum in the future; the current pullback can be seen as a test of the weekly support level, and if it stabilizes, it may accumulate strength for a rebound next week; at the same time, the daily level has retraced to the key support area at the lower boundary of the range (coinciding with the Fibonacci 78.6% retracement level and a dense volume zone). Ethereum is expected to pull back to the key support range of 2250-2220 alongside Bitcoin, with the weekly level needing to monitor the strength of the 2200 neckline defense.
Operation Suggestion:
Bitcoin around 102000 for longs, target 104000
