The Bitcoin strategic reserve and the first White House cryptocurrency summit have led to a continued decline in the market. At 6 PM, the 4-hour level converged and continued to break below the lowest point of 83,000 at the time of writing. This also tests the daily MA200 support again. If it breaks, it will test 78,258 again to see the strength of the rebound. If the support cannot hold, it will break down towards 70,000 before rebounding.

Ethereum has been rebounding weakly, and I have not held out much hope for it. From a long-term weekly perspective, it has taken 76 bars and 532 days to move from 881 to the current bottom in a triangular breakout. Meanwhile, the 2100-4100 range has seen 65 bars and 455 days of oscillation, which is similar in time cycle, but the recent rebound strength of Ethereum is relatively weak.

Bitcoin

After breaking the 89,000-90,000 support in the previous two weeks, Bitcoin rebounded to 95,000 last week but faced resistance, forming a long upper shadow doji. It also fell back after being pressured by the middle Bollinger Band during the rebound. In the short term, the converging triangle has broken down, directly testing the 81,500-83,000 support. The daily line is again testing the MA200 support line.

This aligns with the previous two expectations: either a second test with a spike leading to a rebound or a continued breakdown near 70,000 before a rebound occurs. The key to trading is the trend; everything else is noise. Plant in spring, grow in summer, harvest in autumn, and store in winter. Follow the timing, location, and harmony of people, and patiently wait!

Support: Pressure:

Ethereum

The monthly line has broken the middle Bollinger Band, directly testing the neck line support of the triangular breakout from 2022 and 2023. The weekly line has been discussed, and the daily line continues to fall to around 2100. The rebound is too weak; it will either continue to fall and produce a spike rebound for short-term trading or continue to wait. The current market is precarious. In the altcoin sector, I generally do not buy the dip unless Bitcoin and Ethereum have bottomed, but there are some that do not follow the decline and have rebounded. I will remind you to keep an eye on them when the market stabilizes.

Support: Pressure:

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The article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu

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