Wednesday Market Analysis

As we enter Wednesday, looking back at last night's market action was truly thrilling. The price of Bitcoin first experienced a rapid decline, with the notable 'Bitcoin' dropping to a critical level of 93300. The price movements throughout the day resembled a roller coaster, with fluctuations nearing 3000 points, leaving a striking double pin bar pattern on the K-line chart, causing market sentiment to swing dramatically. Late at night, the market continued its previous downward trend, dipping to 93300, seemingly finding a temporary support level, beginning to oscillate back up, although the recovery pace appeared somewhat halting, with the overall atmosphere still shrouded in a bearish sentiment. Despite a brief consolidation period, it failed to change the overall situation.

Switching to the four-hour chart perspective, the price of 'Bitcoin' resembled a bird with broken wings, sliding downwards, continuously closing in the red. Although there were occasional green candles struggling to recover, the bearish momentum was like a mountain pressing down, firmly controlling the situation. The moving averages seemed to intertwine but were as ineffective as an ant shaking a tree, and it is difficult to shake the downward trend in the short term, clearly displaying weak market conditions.

Focusing again on the one-hour chart, the situation takes a turn, as the price of 'Bitcoin' continuously closes in the green, resembling the dawn's light. The forces of bulls and bears quietly shift, with bulls starting to push upwards. Currently, 'Bitcoin' is building strength for a rebound at a low level, and smaller technical indicators reveal key information: it has firmly established itself at the 95700 level. Looking ahead, if the upward momentum continues, the layers of pressure above should not be underestimated, with resistance levels locked in the range of 96400 - 97300 - 98000; on the contrary, if the upward push is blocked and unable to break through, it is likely that the price will turn downwards, with support levels falling at 94700 - 93400 - 92600. Facing such unpredictable market conditions, investors need to closely monitor the market and flexibly adjust their strategies based on real-time dynamics, in order to stand firm in the waves of the cryptocurrency market.

Operational Suggestions:

Bitcoin in the range of 95700-96400, looking down to 94000-93500

Ethereum in the range of 2690-2720, looking down to 2610-2580