The financial market has an old saying that a sharp decline in the early trading session is not a good sign. For friends trading in spot stocks, any decline is not a good thing. However, for varieties with two-way trading, there is no good or bad, only the distinction between the right and wrong direction. So, is the early decline in Bitcoin good or bad? Let's discuss it. First of all, it can't be considered a sharp decline because there was a rebound in the early session after the pullback in the early morning. Currently, it is just a short-term retracement. Secondly, yesterday's oversold rebound in Bitcoin broke through the 69,000 mark, almost completing the recovery of most of this week's decline. The upward correction belongs to the correction, and the judgment of the short-term retracement depends on whether the support during the pullback is broken, compared to the early decline on Tuesday.

Combining the above analysis, the support level for the pullback in the early morning is around 67,300. If the early decline does not forcefully break through this level with a large bearish candle, the short-term outlook still favors the continuation of the early morning rebound. Once it breaks through forcefully, the intraday trend will also turn bearish. Looking at the hourly chart, the key resistance is at the 69,000 mark, and the short-term conversion level is around 68,200. If it can rebound and stabilize at this level during the day, the short-term trend will continue to test the 69,000 resistance. The four-hour chart completed a support pullback test at the 64,500 level. If this support on the four-hour chart is not broken, it will be difficult for the coin price to decline. After relying on this position for a rebound yesterday, the current upward trend on the four-hour chart has not been broken. Intraday focus will be on the 69,000 resistance, and the main strategy for short-term trading is to buy on pullbacks.

Bitcoin 67,300-67,500 long

As for Ethereum, since reaching near 4,100 earlier this year, it has been showing weakness, with weak rebounds and strong declines. Looking back, the daily chart of Bitcoin is still in a high-level oscillating trend, but Ethereum has quietly oscillated downward, and the early retracement directly completely retraced all the gains from yesterday, while also completing a pullback to the low support level of 3,200 on the daily chart. The trend of Ethereum is more inclined to bearish, but due to the trend push of Bitcoin, it has been difficult to form an effective downtrend. The short-term low support is around 3,230, and the upper resistance is focused on 3,390. As long as it can rebound and stabilize at this level in the short term, it should not be shorted.

Ethereum 3,250 long

This article is an original analysis by the author Xiao Feng Lun Bi. The above analysis is only a personal opinion and is for reference only. Investment carries risks, and entering the market requires caution. Please indicate the source when reposting! For more analysis and advice, please follow the public account: Xiao Feng Lun Bi

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