Bitcoin peaked at 123,274 before pulling back to a low of 115,751, continuing to adjust in the short term. Yesterday, the gentleman mentioned that Bitcoin needs a short-term adjustment. Some friends disagreed with him, but some people came to me for attention, so I won't be polite.
Ethereum reached a high of 3,482, rebounding from a low of 1,381, which has resulted in a 1.5 times increase. From 2,111 to now, there has also been an increase of over 60%.
The US dollar index has broken through a downward trend line and is currently experiencing a rebound after breaking a descending wedge. Therefore, we need to pay attention to the height of this rebound, as the US dollar index is negatively correlated with Bitcoin. Gold has formed a triangular structure at a high level, and we should focus on the subsequent breakout of the triangle. From a technical indicator perspective, there is a demand for a pullback, but the price can still maintain a high-level adjustment, so we should first pay attention to the direction of the converging triangle.
Bitcoin
Today, the short-term continues to adjust, with support around 117,500 on the 1-hour chart. So, we will look at the height of its rebound. If it still cannot make a new high, then the time period for this adjustment will be extended.
On the daily chart, having broken through the historical high, the probability of continuing to rise remains relatively high, as long as it does not fall back below 112,000. However, this bull market is completely different from previous ones that rose straight up; the profit-taking effect is not as significant.
Support: 112,000—114,000—115,751
Resistance: 120,000—123,274
Ethereum
The gentleman has been looking for a rebound in Ethereum for a long time, including a two-month oscillation between 2,300 and 2,700. He still reminds us that the probability of a subsequent rebound is relatively high, but now that we have reached this point, he does not recommend chasing the price anymore. The resistance levels for further rebounds are 3,550, 3,750, and 4,100.
The upper edge of the daily and weekly convergence triangle is also a significant resistance. The Fibonacci rebound has broken through 0.618 and is now below 0.786, where there is often significant pressure. Therefore, the gentleman's advice remains that those who bought at the bottom should take some profits as the price rebounds, and for short-term traders, they can reduce their positions in batches and then add back during a pullback. Long-term holders do not need to make any moves.
Support: 3,050—3,250
Resistance: 3,550—3,750—4,100
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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 Gentleman Fusu
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