Yesterday, Bitcoin experienced a decline, with multiple instances of rallying and then falling back from breaking through the high, undoubtedly dampening the bullish enthusiasm. After completing the reversal of the situation this week, the daily chart failed to continue yesterday. The price of the coin once broke through the 71,000 mark but quickly fell back significantly in the short term, making 71,000 a difficult threshold for the bulls to surpass in the short term. The continuous resistance requires us to be vigilant and re-examine the possible changes in the short-term trend. Originally, the daily chart was expected to directly challenge the 73,000 mark as it stabilized around the 70,000 mark, following the rhythm of the trend. However, the daily chart closed with an upper shadow candle yesterday, and the key resistance at 70,000 was not held. The high-level daily chart continued to show a cross-shaped candlestick pattern, and it is no longer advisable to blindly go long in the short term.

Of course, in the short term, it is currently impossible to effectively judge whether it is bullish or bearish. The pullback yesterday did not change the upward trend on the daily chart since 68,000 was not broken. If the daily chart effectively falls below this level, we will then look at the short-term pullback on the daily chart. Also, although there was a rally followed by a decline in the past two days, it has not turned into a strong large bearish downtrend, still leaning towards adjustment. In the short term, with 71,200 as the suppression point, the hourly chart has started to oscillate downward, but the price has not yet broken the upward trend line. Below, pay attention to two positions: the support at 68,500 in the early morning pullback and the key support at 68,000 on the daily chart. The gain or loss of 68,000 will be crucial.

Short: 76,980-70,000; Long: Below 68,000

Ethereum, with weak upward momentum, took the lead in the decline. Yesterday, it continued to rally to 3,670 and then fell sharply. On the hourly chart, the price has rebounded and fallen back from this level three times in a row, and yesterday's decline directly broke through the key support at 3,550 on the daily chart, which was a blow to Ethereum, which originally had no intention of rising. The upward trend line on the hourly chart has been broken, while a downward channel is being formed. If the pullback continues, the downward momentum of Ethereum will definitely strengthen. A shooting star pattern has formed on the daily chart, and the support at around 3,400 is the focus for the downside today. If held, the bulls still have a chance. In the short term, continue to look for a decline, with a focus on short positions.

Short: 3,530-3,550; Long: Below 3,400

This article is an original analysis by myself, Xiao Feng, and the above analysis is only for personal opinions and reference. Investment carries risks, so caution is advised when entering the market. Please indicate the source when reposting! For more analysis and advice, follow the WeChat public account: Xiao Feng's Coin Analysis

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