Bitcoin dropped to a low of 108,666, which coincidentally is also the support of the bull-bear line MA120. There will be a rebound here to touch the pressure levels of MA20 and MA60, roughly below 114,700. If it cannot regain the two lines afterwards, there is still a risk of further decline. The weekly chart is also approaching the MA20 support, with the MACD crossing below the zero line, indicating a critical support level. If it breaks below here, it may accelerate downwards.
Ethereum's daily chart shows a false breakout, but it is currently supported by the MA20 line. The pullback of Ethereum is relatively weak, but from the perspective of the trader, it is better to buy on the dip, with temporary support at 4,300 and 4,060.
The ETH/BTC exchange rate is rebounding close to the weekly MA120 and Fibonacci 0.382 levels. In the short term, continuing to rebound below 0.5 will reach the significant M-top pressure that has been maintained for several years. Therefore, if Ethereum rebounds to 4,500 or 4,868, it is expected to face pressure. I remind everyone not to FOMO as the cost-effectiveness is not high.
Bitcoin
Bitcoin is retracing to the daily MA120, which is also the support of the weekly chart, making this line very critical. The weekly chart has seen three consecutive declines, with the MACD histogram crossing below the zero line. The daily chart has broken below the support of the box at 112,000, but the current price has not deviated too much.
In the short term, we continue to look for rebounds, focusing on resistance at 114,700 and 117,400. On the 22nd, when Powell spoke and prices surged, I also reminded that the price did not stand above 118,600, and the risk of decline could not be eliminated. Therefore, the key focus is on the support of the MA120 line. At the same time, we need to pay attention to the strength of the rebound; the price must at least recover to 117,400 or even 118,600 to be considered safe.
Support: 98,000 - 100,000 - 105,000
Resistance: 114,700 - 117,400 - 186,000
Ethereum
The movement of Ethereum has not changed much; it is still above the daily trend line, but the daily chart has shown a false breakout. It is not easy to operate Ethereum here, as the overall pullback is relatively weak, but the upside space is also limited. It is still recommended to buy in batches on subsequent pullbacks. In the short term, we continue to look for rebounds, with resistance at 4,720 - 4,778. If it does not make a new high, it will pull back again.
Support: 4,400 - 4,520
Resistance: 4,788 - 4,956
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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: BTC Trading Prince Fusu
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