Hello everyone, welcome to Wanqian's trend analysis. We focus solely on the trends of mainstream coins. The study of left and right side trading models, understanding of medium to long-term and short-term swings will continue to be updated. Thank you all for your attention. In the crypto world, when some people are laughing, others will be crying. I hope everyone is among the former!
$BTC Let's continue to look at Bitcoin. A rapid decline started last night. On the four-hour level, it can be seen that a very clear four-hour support level has been broken. Many people asked if they could continue to chase in; I emphasized to my brothers that we need to wait for the daily closing. Although this bearish candle has strong momentum and there is an expectation for continuation, the trend appears bizarre. Recent articles have continuously mentioned random oscillation in the trend; you might see a big bullish candle followed immediately by a big bearish candle. Last night also played out another wave like this. On the four-hour level, you can also consider this position as a breakdown retest. Moving forward, we can continue to look for short opportunities. Does this position count as an M top? In terms of shape, it does, but it needs to complete some actions, the most basic of which is that the neck level needs to be broken. Currently, looking at the daily chart's support level, it is not enough. For example, the bearish candle yesterday did not completely break down but tested with a lower shadow. What we are currently focusing on is whether this neck on the daily chart will be broken! Smart investors should choose to watch today.
$ETH Then looking at Ethereum, the pullback space given yesterday, from the daily chart, accurately tested the previous high point, around 2150, the support-resistance conversion point. After testing, it rebounded. This position may test again in the next couple of days. The trend is slowly changing, and no significant market dynamics have been given yet, so we can just test one support after another.
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