On Tuesday morning, Bitcoin continued to decline and began to oscillate around 118600, while Ethereum was also blocked around 4200. The news continued to provide information. After yesterday's strong momentum exhausted, a pullback of nearly 4000 points was given. Many friends were caught off guard by this sudden reversal. Therefore, some damage in such a large market is quite normal, and the market is still continuing, returning to structural analysis.
Bitcoin's four-hour structure shows the candlestick arrangement in the upper range of the interval, forming a peak structure with a rise and fall. The bearish candlestick has not broken through the middle track and has turned bullish, while the Bollinger Bands are intentionally narrowing upward. The MACD fast and slow lines have overlapped after experiencing a downward trend, which is also a signal for trend reversal. In the one-hour structure, the Bollinger Bands are parallel and moving downwards, with the candlesticks consistently closing in the middle to lower track, indicating that the support here is relatively strong. The arrangement pattern is also that of a round bottom structure. Therefore, overall, Bitcoin can range around 119000-118600, with attention on around 12300, while Ethereum can range around 4260, with attention around 4320.
