Looking back at the market in the early morning, Bitcoin and Ethereum experienced a sharp drop on Wednesday evening, reaching a low of 105,211 before the market trend rebounded and stopped falling. Although the rebound strength is not significant, it shows that the selling pressure is gradually decreasing.
$ETH reached a low of 2385 and then stopped.
From the current market situation, the daily level has begun to show a pullback after breaking the high.
This is also a relatively common trend observed yesterday, where the market pulls back and effectively breaks the low while getting trapped in a fluctuating rhythm. From the trend structure, it can be seen that we are currently in a tug-of-war phase between bulls and bears, and the layout still revolves around following the range.
In the short cycle, there is also an expectation of a rebound trend, but it has entered a stage of weak rebounds. After the bearish candlestick drops, it enters a recovery phase. Currently, there is a clear upward pressure on the daily chart, with a short-term trend leaning towards bearish.
However, it is important to note that the hourly chart shows a significant drop, and there will be a rebound correction action in the short term. Overall, the rhythm is bearish, but we need to pay attention to short-term rebounds.
Therefore, during the day, we can first focus on the rebound correction, and there will be opportunities in the evening to arrange for short positions!
