4.7 Monday Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions
Bitcoin experienced a sudden drop early in the morning, breaking below the 80000 mark, and quickly closing in the red. Ethereum followed closely, reaching around 1600. Currently, Bitcoin and Ethereum are fluctuating near the support level. We provide analysis based on the market.
In the daily chart of Bitcoin, the candlestick forms a bearish bar that reaches the support level, with the trend remaining negative and the downward momentum intensifying. In the four-hour chart, there is a continuous bearish trend, indicating a sustained pattern of probing for a bottom. In the one-hour chart, a waterfall effect has formed with a sharp drop, and the bearish candle is slightly contracting. The market may continue to trend downwards. The short-term key support levels are 80000 for Bitcoin and 1600 for Ethereum, with no significant breakthroughs. Our primary strategy today is to seek short positions.
Trading Suggestions:
For Bitcoin, consider shorting in the range of 78000-79000,
Target around 76500,
For Ethereum, consider shorting in the range of 1570-1600, with a target around 1540
