Yesterday, the price of the coin failed to continue the recent good upward momentum after breaking the high, instead, it retraced and adjusted. On the daily chart, after a retracement above 71000 in the evening, it rebounded with support around 69500, barely closing with gains, continuing the bullish trend. In yesterday's analysis, we emphasized that if the daily chart effectively holds above the 70000 mark, there is a possibility of challenging 73000 in this second rebound. Therefore, while maintaining a positive outlook on this target, it is important to pay attention to whether the daily chart can effectively stabilize above 70000.

In the short term, whether in articles or blog posts, the analysis has been mainly suggesting long positions, especially with two consecutive long positions around 69600 in the evening, which resulted in substantial gains. Today, there is reason to continue to be bullish. Firstly, the retracement in the US session yesterday did not directly break the 69000 mark, but instead, after a rebound, it broke through the 70000 mark in the morning. Secondly, the daily chart continues to show bullish momentum. On the hourly chart, the primary focus is on the short-term resistance around 71200 from yesterday, with an overall bullish outlook based on support around 70000.

Bitcoin at 70000 plus

For Ethereum, the bullish watershed on the daily chart is at 3550. Yesterday, it rebounded right at this level, forming a high doji star and an adjustment pattern. The upward trend on the hourly chart is well maintained, and the primary focus below is still on the 3550 support. If this level is breached, short-term bulls will encounter trouble. The resistance points above are concentrated around 3650-3670. The overall trend will drive the price upward, but how it will rise in the short term depends on the breakthrough of the resistance levels. The support below is at 3550-3580, and the layout is bullish around this area for the day.

Short-term bullish at 3580

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

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