The weekly chart has already closed and formed a pattern. Bitcoin has been oscillating at a high level for six weeks, which is somewhat similar to the wave around 49000. For now, there are indeed signs of overbought at this level. In the second week of high-level oscillation, a doji formed a high point at 73777, followed by a hammer pattern in the third week, a T-shaped pattern in the fifth week, and a doji last week, forming a high-level oscillation box. Yesterday, the lowest point touched 60660. If this level is not broken, there is a chance of oscillating within the box, depending on the rebound height.
The weekly level retracement is not sufficient in terms of time and space. Bitcoin's monthly chart has seen 7 consecutive bullish candles, which is rarely seen in history. This wave was originally a rebound wave from 15400, but it has turned into the main uptrend. If the real main uptrend arrives, the future looks promising.
Similarly, if there is a chance to fall to the previously mentioned perfect bullish bat pattern (53000) or Fibonacci 0.382 (55000), it needs to be highly valued. Perhaps this is the opportunity for the next medium to long-term layout. We are waiting for the conditions to trigger.
There is no doubt that Bitcoin will retest the low, and Ethereum has dropped to a low of 2852 but temporarily rebounded to reclaim 3056. The second retest has not been broken yet. The only significant risk is that the ETH/BTC exchange rate has hit a new low, and the temporary rebound has not yet reclaimed 0.048-0.049. Many altcoins have returned to their original state.
Bitcoin The rebound strength from 60660 is quite good. As of the time of writing, it has rebounded by more than 5000 points. Currently, it is supported by the MA60, and the rebound is expected to face pressure below 68200. If it continues to fall below the MA60 or even 60660, the probability of going to the MA120 will increase…
The daily MACD fast and slow lines have crossed below the zero axis, extending the adjustment time. The OBV indicator's white line has formed a triple bottom rebound and should not continue to fall. The 4-hour chart continues to look for rebound pressure above…
Support: Pressure:
Ethereum The first three weeks showed a double negative sandwiched between positive candles, and as expected, it fell last week, approaching the MA20 and rebounding to reclaim 3056. The daily chart retraced to the MA120, and the rebound pressure is still being observed… If it cannot break through, a continued decline is expected. The weekly retracement has not been completed, and a comprehensive rebound may have to wait until the end of April or early May. Continue to wait for medium to long-term layout opportunities.
Support: Pressure:
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