Currently, from the perspective of the daily chart, after breaking through the 60,000 support level, the market has experienced a sharp decline, as predicted in the previous analysis. Once the 60,000 support level is breached, it can be considered as a signal for the continuation of the bearish trend. If the daily closing price fails to stabilize above the 58,500 level, it may be considered as a new resistance level. The early morning rebound also reached the expected position for a new decline, dropping to around 53,300 at the time of writing. Ethereum's daily chart has also broken through the previously mentioned 3,350 support level, which is an important point for the continuation of the bearish trend. The market dropped to around 3,100 yesterday, which is also a short-term support level. The early morning rebound also reached the expected position of around 3,180 before starting to decline again. If the decline continues, the next targets are 3,000 to 2,800. At the time of writing, the 2,800 level has also been accurately reached.
From the perspective of the 4-hour chart, the support level of 66,500 for Bitcoin has been broken, and according to the reversal pattern, the 66,500 level will become a new resistance. The short-term support is currently seen around 52,500 to 52,000. Ethereum has also reached the previous low position, with short-term resistance at 2,900 to 3,000 and support at 2,800 to 2,850.
The current market has once again successfully followed the expected pattern. The short positions set in the early morning rebound were accurately executed. Short positions were taken at 58,000 to 58,500 for Bitcoin, with targets at 57,000 to 56,000, and at 3,180 to 3,200 for Ethereum, with targets at 3,100 to 3,000. Although the targets were reached earlier than expected, the previous analysis also emphasized the expectation for the continuation of the bearish trend. This bearish trend is expected to bring Bitcoin down to 50,000 and Ethereum to the previous low of 2,800. Bitcoin will need some time, while Ethereum has been accurately predicted!
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Ruo Yu, a professional analyst from the gold medal team, focuses on contract trading guidance. Follow the WeChat public account "币圈若渝" to stay updated on real-time market analysis and operational strategies!
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