4.16 Morning Analysis

The trend of Bitcoin shows significant volatility since early morning, with a sharp pullback after reaching a high, indicating strong upward pressure. In terms of technical formation, the four-hour ascending wedge has broken down and there is a double top pattern, which is a clear bearish signal. The death cross of the EMA moving averages and the MACD crossing below the zero line also indicate that bearish forces are dominant, with a downward trend in the short term. Even if there is a rebound later, the magnitude may be limited.

The trend of Ethereum is similar to Bitcoin, also experiencing a pullback after a surge. Combining Bitcoin's technical formation and overall market sentiment, Ethereum also shows weakness on the four-hour level, with short-term moving averages diverging downwards and other technical indicators supporting a continued price decline, likely extending the downward trend.

Morning trading suggestions:

It is recommended to short Bitcoin around 84000-84500, based on the current breakdown of its technical formation and the clear short-term bearish trend, aiming for a target near 82000, which aligns with the price retracement target under the current bearish expectations. However, it is important to set a reasonable stop loss to prevent unexpected rebounds, which can be set around 85000-85500.

For Ethereum, a short position is suggested around 1610, targeting 1550, also considering its weakness after pulling back from previous highs and the bearish trend indicated by technical indicators. Again, a stop loss should be set, which can be placed around 1640-1660 to cope with any potential unexpected positive news or technical rebounds.