$BTC 7.2 Wednesday Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions

The market showed a pattern of first suppression and then rise during the midnight period, with prices initially pressured down to the key support level of 105182 before stabilizing. Subsequently, bullish momentum began to gather for a counterattack, driving prices steadily back up, ultimately successfully reaching the 106066 level.

From the 4-hour technical analysis, the current market presents a clear bearish dominant pattern. The K-line has formed four consecutive expanding bearish candlesticks, creating a standard downward trend arrangement, indicating that selling pressure in the market continues to intensify. The Bollinger Bands indicator shows an expanding trumpet-shaped pattern, with the distance between the upper and lower bands continuously widening. Although the KDJ indicator has entered the oversold area, the fast and slow lines of the MACD indicator are still declining, and the bearish momentum bars continue to expand. This technical divergence indicates that the market is in an oversold condition but the bearish momentum has not diminished. From the perspective of volume-price relationship, trading volume shows a stepped increase, indicating that bearish forces are still being released in an orderly manner. The short-term moving average system has formed a standard bearish arrangement, putting obvious pressure on prices. However, considering that the RSI indicator has reached a support area near 30 and the hourly chart shows signs of a bottom divergence, a technical rebound is expected in the short term. Nevertheless, constrained by the pressure of a dense trading area above, the strength of the rebound may be limited, likely presenting a weak oscillation and repair pattern, with an expectation of a rebound recovery in the morning.

Bitcoin: Buy around 105300, short-term target 106500

Ethereum: Buy around 2400, short-term target 2460