Currently, from the perspective of the weekly chart, Bitcoin has broken through the Fibonacci 78.6% level (61375), and Ethereum has broken through the Fibonacci 61.8% level (3350). The overall trend indicates that the bearish trend has not yet completed. Even if there is a bullish counterattack, it needs to break through the above two key resistance levels.
On the daily chart, after the first probe to the 53500 level, Bitcoin rebounded to the 58500 level. The resistance level is between 58500-59000, and the layout for short positions is also based on this level. The market has also shown the expected second probe to around 54000. As mentioned earlier, the signal for the start of a bullish trend can be seen at the 60000 level. The rebound situation of Ethereum also basically meets expectations, reaching around 3100. The layout for short positions is also based on this level. The second probe accurately hit around 2800, and the 2800 level will not be easily broken. The subsequent signal for the start of a bullish trend can be seen at 3150-3350 for Ethereum.
On the 4-hour chart, the short-term pressure for Bitcoin is currently around 58500-59000, with support at 54500-55000. For Ethereum, the short-term pressure is 3100-3150, with support at 3000-2900.
The current market has once again shown the expected probe action. As for whether it can open a bullish trend again like the previous trend, the key points are at the 61500 level for Bitcoin and the 3350 level for Ethereum. Personally, I believe that this trend is different from the previous one, and I still favor the continuation of the bearish trend. In the afternoon, the layout for short positions is to short Bitcoin at 58000-58500, with a target of 56500-55000, and short Ethereum at 3080-3110, with a target of 3000-2900. The current targets are also accurately reached, and short positions should be closed steadily. Subsequently, you can continue to enter short positions. Earlier, I emphasized the idea of continuing to look for the continuation of the bearish trend. I believe that in this bearish trend, Bitcoin is likely to reach 50000, while Ethereum's support level at 2800 needs to be observed. If it is broken, continue to look at the 2600-2400 level!
Trading strategy: Continue to look for the continuation of the bearish trend and short on rebounds!
Short Bitcoin at 57500-58000, with a target of 56500-55000, and a stop loss above 59000;
Short Ethereum at 3020-3050, with a target of 3000-2900, and a stop loss above 3140;
The strategy is time-sensitive, and specific real-time guidance is the main focus!
Professional team's top analyst Ruoyu focuses on contract trading guidance. Follow the WeChat public account "币圈若渝" to understand real-time market analysis and trading strategies!
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