Market Review

Recently, influenced by a series of bearish news, the market has experienced a decent retracement. Bitcoin surged to around 74,000 before falling back, retracing nearly 10,000 points to around 64,500 before starting to rebound. Ethereum also experienced a synchronous decline, reaching 4100 before failing to rise and retracing by over 600 points to above 3400 before rebounding. Many may believe that the trend has reversed, but considering the market trend and narrative, Yunsan believes that this is just an insignificant retracement within the upward trend, and the overall trend remains intact. After all, compared to the previous retracement, it can be seen that the decline is still within a reasonable range. Therefore, we can still maintain a bullish view on the future market.

Intraday Analysis

This week, there will be significant FOMC speeches related to interest rates and economic prospects. Despite the recent negative impact of economic data, the content of the speeches is not expected to be optimistic. However, judging from the intraday trend of the US stock market, it has already rebounded from the previous negative impact, indicating that the majority of investors and institutions still hold a positive attitude towards this bull market.

Returning to the market, during this downturn, Bitcoin found support around the 4-hour MA120 level and rebounded from the daily Bollinger midline. It can be said that the bulls have held the final line of defense and completed the short-term bottoming out. Similarly, Ethereum also completed short-term bottoming out near the daily MA30 level, despite not achieving the expected rebound due to lower trading costs and the impact of negative data. Structurally, it seems that even if there are hawkish speeches before the announcement, there will definitely be a decent rebound.

Intraday Suggestions

For Bitcoin, long positions can be arranged around 6.76-6.80, with a target of 6.90-6.94. For Ethereum, long positions can be arranged around 3550-3580, with a target of 3650-3680.

For more strategic guidance, follow Yunsan on Weibo, a financial analyst with 500,000 followers: Yunsan, Blockchain Analyst

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