As a senior figure in the cryptocurrency space, I have been deeply involved in this captivating and challenging industry for many years. Having experienced the ups and downs of the crypto market and witnessed the rise and fall of countless cryptocurrencies, I have accumulated rich practical experience and unique market insights. Investing is a long-term practice, and this is especially true in the crypto space. Continuous learning and improving one's cognitive and judgment abilities are essential to navigate this challenging field steadily.
Bitcoin has seen four consecutive weekly declines. After a double-bottom test from the high point, it faced resistance from the upper band and retreated. Near the 115,000 mark, a triple top encountered resistance at the middle band and fell again, now significantly breaking below the lower band, with both the middle and lower bands opening downwards. The MACD shows increasing bearish momentum, while KDJ and RSI continue to decline, indicating that the overall direction remains bearish.
On the daily chart, the weekend closed with a small bullish candle, but bulls should be cautious of potential traps, which are insufficient to support bottom-fishing. The MACD shows a decrease in bearish energy, KDJ has formed a golden cross, and RSI is flattening at a low level, none of which provide a basis for bottom-fishing. The strategy should still focus on short positions; it may be wise to stay in cash and wait, as a rebound presents a more cost-effective shorting opportunity. Both indicators and bulls need to recover, and positions should be controlled and entered only when the levels are right.
On the 4-hour chart, prices are under pressure from the upper band, with MACD showing a decrease in bullish momentum, and KDJ forming a death cross at a high level, indicating that the recent increase is a potential trap. The hourly chart shows a small bullish candle followed by a pullback, with prices hovering around the middle band for recovery. Intraday resistance is at 88,800 and 90,000, while support is at 85,200, 83,500, and 82,300.
Ethereum faces resistance at 2,950, 3,050, and the daily middle band at 3,170; these levels should be referenced for short positions. Support is found at 2,780, 2,680, and 2,600.
Disclaimer: The above analysis represents the author's personal views and does not constitute specific operational advice. Trading based on this analysis is at your own risk. Investment carries risks, and caution is advised when entering the market.
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