Market Sentiment:
Chart Structure:
Bitcoin:
The structure of Bitcoin on the 1-hour chart has already shown a short-term direction. It has formed a downward departure pen, which is currently in the running phase. As long as it does not return to the center, the market is likely to continue to move downwards. Overall, the market performance is quite worrying at the moment, and it is currently at an important support level of 25,000. If it continues to decline, it may test around 24,000. Additionally, with the CPI to be announced tomorrow night, the market may have already priced it in. Therefore, the subsequent release of the CPI may have a boosting effect on Bitcoin.
The structure of Bitcoin on the 15-minute chart shows that it is currently in the rebound of the fourth pen. After the completion of the fourth pen's rebound, there will be a downward movement for the fifth pen, mainly because the third pen is not diverging. However, if the downward momentum of the fifth pen is not significant, it is highly likely to form a divergence, which may end the downtrend of the 1-hour chart and possibly lead to a rebound trend of the 15-minute chart. Whether a center will be formed on the 15-minute chart is difficult to say.
Ethereum:
The structure of Ethereum on the 1-hour chart shows a weaker trend compared to Bitcoin, with a deeper decline. However, the overall structure is still similar to Bitcoin. The current departure pen of the major structure tends to not diverge, so there is still potential for further downward momentum. However, Ethereum has already reached an important support level, and if it continues to decline, it will be around 1450. The next steps will depend on Bitcoin and tomorrow's CPI.
Trading Strategy:
Invest with caution. This article is not intended as a basis for trading decisions.
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