4.22 Market Review and Analysis

Yesterday, a large amount of buying pushed Bitcoin up to 88,000, but it did not hold. It is worth noting that although many cryptocurrencies rebounded, they did not rise as much as Bitcoin. Ethereum surged to 1,660 before a significant pullback, dropping over a hundred points. The short position suggested was very precise, and this wave of Bitcoin also achieved over a thousand points as expected, with Ethereum gaining several tens of points. With the U.S. stock market crashing, it is advised not to blindly chase after the rise.

From a technical perspective, the daily chart shows three consecutive bullish candles. The price rebounded to the upper band before pulling back, and the body of the candle appears inverted. The Bollinger Bands are opening up, the KDJ lines have crossed upwards, and the MACD lines are also crossing upward and continuing to diverge. Trading volume has significantly increased. Currently, the bulls still have momentum on the daily chart, but be cautious of the risk of capital withdrawal. This round of rebound is mainly highlighted by Bitcoin; although Ethereum has risen a bit, it quickly fell back. It cannot be ruled out that this was a coordinated effort by the major players. I personally believe there is a risk of capital withdrawal in the future, and everyone should not blindly chase the rise, as there is currently no favorable support. For intraday trading, I suggest mainly shorting on rebounds, closely monitoring the resistance levels at 89,000 and the 90,000 mark, and the support levels at 86,000-84,500 and 83,000.

The following trading suggestions are for reference only.

Bitcoin rebound: Gradually short near 88,500-88,800, with a stop loss around 89,500; target around 86,000; if broken, reassess the situation.

Ethereum rebound: Gradually short near 1,600-1,620, with a stop loss around 1,650; target around the 1,500 level; if broken, reassess the situation.