4/17 Market Review and Analysis

Yesterday, the market was relatively cooperative, with the price entering around 83,500. The currency price peaked at around 85,300, providing a space of over a thousand points. Friends following the Silk Road should have benefited from this. Looking at today, Bitcoin faced pressure near the high of 84,200 and fell back, with a drop to around 83,000 at one point during the session. After touching support, the price quickly rebounded technically. The current market shows a typical converging oscillation pattern, while Ethereum continues to follow a bearish trend, quickly dipping to around 1,550.

From market analysis, although there have been several bearish candles at high prices recently, indicating some selling pressure in the market, the current pullback is more likely a bullish consolidation process when viewed from technical indicators and patterns. The 4-hour cycle shows a short-term downward trend, but the MACD indicator remains above the zero line, suggesting that the overall trend has not yet turned bearish. If there is a stabilization with reduced volume or a bullish engulfing pattern in the future, it will confirm the end of the washout.

This week's live ETF market has seen net inflows for two consecutive days; however, over 100 million flowed out yesterday. Additionally, Ethereum has seen a net outflow of 143,000 pieces in the past week. In light of this trend, Luo Tian is still relatively bullish, thus suggesting to all to focus on rebound trading. The resistance levels to watch are 85,500 - 86,500 - 87,500 - 88,500 and 89,000, while the support levels are 83,000 - 82,600 - 82,000 - 80,500 and below 80,000 down to 78,900.

Bitcoin pullback: Entering in batches around 83,500 - 83,000 - 82,500, aiming for a target near 86,000, then assess the situation; stop loss at 81,500.

Ethereum pullback: Entering in batches around 1,570 - 1,550 - 1,530. Targeting near 1,680, then assess the situation; stop loss at 1,510 and 1,480.