The market trend on Wednesday for $ETH is also about to conclude. The intraday movement of Bitcoin continues to revolve mainly around fluctuations, with a slight rise during noon that reached a peak of around 114000 before facing resistance. In the evening, with the opening of the US stock market, the price of Bitcoin further opened up to a downward space, hitting a low of 112357 so far. This coincides perfectly with the bearish target we set for the afternoon and evening. Ethereum had a large opening and closing throughout the day, retracing to a low of around 4060 in the early morning, and then mainly focused on correcting the upward trend during the day. In the afternoon, it touched the line of 4240 again and faced resistance to pull back. Currently, Ethereum has retraced to around 4120. We have laid out a mainly bearish strategy for the day, with Bitcoin achieving a total of 1623 points and Ethereum achieving a total of 145 points. Wednesday concludes perfectly.

From the four-hour level perspective, the overall market shows a bearish engulfing pattern, with the bullish rebound lacking strength, leading to bears gradually testing the low support. The one-hour level has already shown consecutive bearish candles, opening up the bearish sentiment. The overall market is very likely to further retrace and test the bottom, with the Bollinger Bands opening downward and rapidly declining. Old Chen suggests participating in high shorts during the midnight of Wednesday.

Bitcoin: Short near 113000 Target 111000

Ethereum: Short near 4160 Target 4050#加密市场回调