4.25 Cryptocurrency Market Analysis
Bitcoin initially dipped to the 92625 line during the early hours, followed by a rally led by bullish forces, ultimately reaching a high of 93981, forming technical resistance. Ethereum started its rebound from 1745, peaking at 1773.
From the hourly chart, the price has repeatedly tested the 95000 resistance level without success, forming a clear double top pattern.
The candlestick patterns show an alternating appearance of doji and inverted hammer, indicating a decline in bullish momentum. The Bollinger Bands are showing signs of contraction, with the upper band flattening, suggesting limited upward potential in the short term. Given the current technical landscape showing "weak upward movement," a defensive strategy is recommended,
Consider placing short positions in the 94000-95000 range, with a follow-up on the trend if it breaks above 95500.
