1. BTC fell all the way to around 16,500 and then stepped on the daily support level. Now from the 15-minute and 1-hour level trends, BTC is currently following a typical bear flag channel structure. The overall idea of trading is to look for opportunities to short on rebounds.
Combined with the upper pressure level of BTC 15 minutes and 1 hour, it can be clearly seen that the upper short-term pressure level is around 16800-16900. If BTC can rebound to the upper short-term pressure level and the corresponding short-selling signal appears, you can short with a light position. Reminder: the rebound is very weak, and you should not go long on the rebound, but go with the trend.
2. The trend of ETH is similar to that of BTC. First of all, the decline of ETH in this round is greater than that of BTC. ETH stopped falling when it fell to around 1155. It broke through several key support levels at the daily level, such as 1300, 1280, and 1260.
Currently, ETH is also rebounding in a bear market at the 15-minute level and the 1-hour level. Do not buy on the rebound. Wait for ETH to run to the upper pressure area of 1290-1215. If a short-selling signal appears, you can short with a light position.
Finally, let me summarize two points.
First, do not go long on a rebound. Go with the trend and try not to trade against it.
2. BTC’s first pressure level is 16800-16900
The second pressure level is around 16900-17000
ETH upper pressure area 1290-1215
Friendly reminder: This analysis is for short-term market conditions and personal opinions, for reference only. It is not an investment advice.
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