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Last night, Bitcoin experienced a wave of accelerated decline, dropping below 62000 to a low of 60164. The first 1-hour level drop exceeded expectations; initially, it was anticipated that the first drop would reach around 62000, followed by a second 1-hour rebound to 65000, and then a third 1-hour drop to around 61000 or 60000. However, the first 1-hour drop exceeded expectations.

This year's market has been like this, often with pullbacks exceeding everyone's expectations and rebounds also surpassing expectations. Many people always think that their entry point is still acceptable, and that they can rest easy with their contracts, but last night's drop made everyone more cautious. The essence of contracts is swing trading; when it's time to take profits, one should consider doing so, otherwise, profitable positions can turn into losses if held too long.

Currently, the first 1-hour level drop may still need one last wave of retracement before moving to the second 1-hour level rebound. After that, we will have a third 1-hour level drop. Overall, we need to wait for the third drop to finish before considering a stronger subsequent rebound.

BTC

Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes, which should only be used as a reference.

1H:

Currently, the first 1-hour level drop is expected to need one more retracement, with attention on the area around 60000 or the range of 59000-60000. As long as it does not drop below 59000, the short-term should see a second 1-hour level rebound, with the rebound focusing on around 63500. After the rebound, there will still be a third 1-hour level drop, with support expected around 58000.

15M:

At the 15-minute level, due to last night's 15-minute level drop not diverging, there was a 15-minute level rebound during the day, and it is expected that there will be another 15-minute level drop, checking if it retraces to around 60000 or the range of 59000-60000.

If there is another retracement that produces divergence, then the next move should be a 1-hour level rebound.

ETH

For Ethereum, the 1-hour level drop is also expected to need a 15-minute level retracement, with attention on the area around 2400 or the range of 2390-2400. If this 15-minute level retracement diverges, then a normal 1-hour level rebound should occur tomorrow, focusing on around 2530. After that, there will be a third 1-hour level drop, with support expected around 2340.

Trend Direction

Weekly Level: The direction is downward, theoretically around 49000 is about right. Whether it has ended still needs observation, but the probability of starting a weekly rebound is increasing.

Daily Level: The direction is upward, and in the short term, we should continue to look at the range of 67000-70000.

4-Hour Level: The direction is downward, looking for a 4-hour level retracement, with an initial target of 61000, and a second target of 58000.

1-Hour Level: The direction is upward, expecting that after another retracement, there should be a real 1-hour level rebound, which will continue to drop after the rebound.

15-Minute Level: The direction is downward, looking at the support in the range of 60000-59000.

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The article is time-sensitive, please pay attention to risks. The views in the article are personal suggestions and for reference only!

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