Daily Sharing
After Bitcoin (BTC) pierced through 55606 yesterday, it quickly rebounded to near 58500 last night before falling back. Based on yesterday's rebound strength, Bitcoin has rebounded above 57900, and there is hope for a 4-hour rebound at this level.
Currently, it is believed that it is not overly bearish here because the decline is clearly divergent. Even if it continues to break below 55606 in the short term, the decline will not be deep and will rebound again. There is still demand for a rebound.
However, the rebound last night did not form an upward trend structure, and today it fell back to near 56500. Therefore, even if a 4-hour rebound is made in the short term, it is difficult to expect it to directly reach near 65000 or higher, more like a 4-hour consolidation.
BTC
Due to the rapid changes in the market in the short term, the article can only make predictions about the market changes at the time of publication. Short-term players should pay attention to the latest market changes and use the information as a reference only.
1H:
On the 1-hour chart, first, we need to focus on whether Bitcoin can make another push above 58500 in the short term to complete a 1-hour rebound. If Bitcoin can push above 58500 again in the short term, it indicates that Bitcoin is making a 4-hour rebound, as shown by the blue arrows in the image. The rebound target is near 62000, and then continue to look for a 4-hour pullback to 53500.
If Bitcoin cannot hold at 56300 and continues to decline, it means that the short term has not yet seen a 4-hour rebound, and Bitcoin will once again retest near 55000 before starting a 4-hour rebound.
The short-term structure is quite complex, so it is important to have expectations for different scenarios. It is worth mentioning that it is difficult to see a significant downtrend in the short term, and it is also difficult to see a strong uptrend to historical highs. It is more likely to see back and forth oscillations, so there are opportunities for both long and short positions. It is better to go long at lower levels near support and short near upper resistance.
15M:
On the 15-minute chart, observe the support near 56300. If it does not hold, there is a possibility of retesting the range of 55000 to 55500. If it holds, observe whether it can go back to the range of 58500 to 59000 in the short term to complete the first 1-hour rebound.
It is more likely that after this retracement, it will continue to make another push upward.
ETH
Yesterday, Ethereum's 1-hour decline reached the expected level near 2300, and then the rebound pulled back into the consolidation. Structurally, Ethereum is still expected to make a 4-hour rebound in the short term, but the retracement today is relatively large, so it is necessary to be cautious about the possibility of another retracement to 2300 overnight.
Under normal circumstances, it should still need to make a third 15-minute rebound to near 2500 to complete the structure of the first 1-hour rebound. So we need to wait patiently and see if it can successfully rebound again in the early morning.
It is expected that Ethereum will make a 4-hour rebound from this weekend to the middle of next week, as shown by the blue arrows in the image, with a target near 2650.
Trend Direction
Weekly Chart: Downward, the extension of the weekly decline, theoretically around 49000, with a limit of around 45000 to 48000. Whether it has ended needs further observation.
Daily Chart: Upward, the probability of Bitcoin directly making a daily rebound from near 49000 increases. If it does not fall below 49000 this week, there is a possibility of rebounding to the range of 65000 to 70000 in September.
4-hour Chart: Upward, there is a probability of starting a 4-hour rebound to near 62000 in the short term.
1-hour Chart: Upward, observe whether the first 1-hour rebound can be successful.
15-minute Chart: Downward, if it holds above 56300, there is still a chance to push to 58500. If it falls below, it is necessary to pay attention to the possibility of retesting 55000.
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The article is time-sensitive, so be aware of the risks. The views in the article are personal opinions and are for reference only!
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