Good morning everyone, I am Xin Ya. Let's review the night market. Yesterday at ten, Bitcoin hesitated around 71800, but under the dominance of the bears, it further declined. In the early morning, it dipped to a low of around 70600, and a rebound brought about by profit-taking did not manage to rise above the starting drop of 71800. Instead, it faced resistance at 71500, and we can see that from one o'clock to four o'clock in the morning, trading volume was sluggish.

Since there is weakness in the upward movement, let's explore the downside. At eight o'clock in the morning, the bears continued to exert pressure, with Bitcoin sell pressure expanding, MACD showing a death cross below water, and the histogram spreading downwards. KDJ and RSI showed weak death crosses at low levels, and Bitcoin had a slight rebound after touching the 70000 level. Currently, there is divergence in the one-hour chart.
Generally, whole numbers have psychological support. When first reached, it is normal for the market to have protection. The signs of divergence indicate a reduction in the continuation of market suppression. Many bulls will place stop-loss expectations below the whole number, while speculators tend to bet on rebounds near the whole number. The exit of short positions will form a synergy for a rebound. However, the subsequent exit of bullish speculators and the pressure from bears after the rebound will make the market uncertain again. Therefore, there will be further sideways movement causing frustration, with no large fluctuations.

We should focus on 71200 and 71800 above, and 69200, 68500, and 67800 below. The current situation is that Bitcoin continues to step down, while Ethereum remains steady at its exchange rate. The possible scenarios for the market are essentially two: Ethereum could drop sharply, or both currencies might rebound. The second scenario would involve Ethereum holding steady, with Bitcoin rebounding first.
It is recommended to trade within the range of 69800-71500. One can frequently take advantage of rebounds near 70000-71500, focusing on bullish plays in this range for a left-side approach.
Bearish pressure during rebounds should wait for right-side opportunities. The potential left-side pressure space is at 71500, and the right side is at 72800.

Regarding Ethereum, there is not much to say. After touching 1950 last night, it showed bottom divergence, with five consecutive bullish candles on the hourly chart. At five in the morning, it faced resistance around 2000, but during the suppression process, MACD was strengthening. By eight o'clock, there was a second resistance at the 2000 level. The lowest dip was at around 1960 at ten o'clock, closing at around 1980. It is currently back above two thousand. The four-hour low has not been broken, the rhythm is strengthening, and breaking it would be difficult.
Spot players in Ethereum have already entered around 2000, and there may be good gains this week. Recently, we will look for a test around 2032. It is recommended to trade in a range from 1972 to 2028 in the short term, with entry around 1986 for bullish plays, primarily focusing on high-frequency rebounds.

Public account: Xin Ya Talks about Chan

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