Xiao Feng: BTC and ETH gradually give back gains, evening support levels to watch for rebound.

CN
冯楚昊
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1 year ago

I didn't expect that today, after Bitcoin was under pressure at the 66650 level, it ushered in a continuous unilateral decline on the hourly chart. As of the current intraday, it has already lost the 63000 level, almost giving back the gains since the interest rate decision early Thursday morning. In the analysis in the article, we analyzed that after the daily chart rebounded with a big positive candle, it adjusted with a negative close yesterday. If it continues to decline continuously and give back the gains from Wednesday's positive candle, then the reversal trend after the daily chart tops out will continue to extend, and the support level of 61000 is in jeopardy.

In the short term, after losing the 64000 level, the coin price further accelerated its decline, and the lowest point has reached the second intraday support level of 62600. The hourly chart is currently clearly bearish. It remains to be seen whether 62600 can hold support. If this level can rebound and ensure that the hourly chart turns positive above 63500, there is hope for a rebound in the second half of the night. Personally, I think it is not suitable to chase short positions at the moment. It is better to lay long positions at the support level below.

As for Ethereum, although yesterday's negative adjustment did not retreat as much as Bitcoin, there is still overall follow-through. The short-term loss of 3400 is unfavorable for the bulls. After breaking this level, the coin price will break through 3300 in line with the trend, which happens to be a key short-term support level. Once the hourly chart continues to break through this level in the form of a large negative candle, the next target will be 3200. But if Bitcoin can hold support, Ethereum also has the potential to rebound, so Ethereum's performance in the evening will depend more on how Bitcoin moves.

In the evening, the short-term strategy is to be long on Bitcoin at 62600-62800 and long on Ethereum at 3270.

This article is an original work by myself, Xiao Feng, for coin analysis. The above analysis is only my personal opinion, for reference only. Investment carries risks, and entering the market requires caution. Please indicate the source when reposting!

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