Today is Wednesday, and the market adjustment continues to extend downward, with prices refreshing the low point of this round of correction again. Although from the perspective of cycle operation, the daily line adjustment has not yet fully completed, but according to the current pace, it is highly probable that this round of daily line level correction will gradually complete this week.

The biggest risk at the moment is the possible acceleration of shorts in the next few days.

The death cross at the daily high has formed, and after such a large-scale signal appears, it is unrealistic to expect an immediate V-shaped reversal. Even if a rebound occurs during trading, it should still be defined as a technical repair in the process of a decline, rather than a trend turning bullish again.

However, the lower 12-hour level has entered an important support zone, so the market does not have the conditions for a straight line down. Short-term rebound demand still exists.

Last night's rapid decline was disturbed by geopolitical news, but it did not completely damage the previous upward structure. What we really need to be wary of is that each rebound's high point has been lowering recently, and the strength of the repairs is gradually weakening, indicating that bears are slowly gaining the upper hand.

So the current pace is very clear:

Before the acceleration of shorts, low longs can only be short-term repairs, and it is not advisable to establish a structure; after the rebound ends, the focus should still be on high shorts. Wait for the daily line to truly complete the accelerated adjustment and then look for opportunities to go long at a larger level.

₿ Bitcoin (BTC)

View: Focus on high shorts, with low longs as a supplement, and pay attention to preventing the acceleration of shorts before Friday.

After BTC's decline yesterday, there was a repair, but today it has refreshed the correction low point again, and the price is getting closer to the 75000 key area, while the highs continue to move down, indicating a relatively obvious short-term weak structure.

However, the lower 12-hour support is beginning to function, so it is temporarily not advisable to expect the price to drop straight to the bottom. The more likely rhythm remains:

Decline → Repair → Rebound met with resistance → Re-test support downwards.

Currently, the daily line is still in a clear bearish cycle, especially before Friday. It is necessary to pay close attention to the acceleration of multiple cycles forming resonance after the decline.

But from another perspective, once this round of acceleration is truly completed and the daily line adjustment is fully released, the market may actually re-enter a phase of bullish layout that has a better cost-performance ratio.

Therefore, at this stage, do not chase shorts, and do not establish a bullish position; wait for the two positions of rebound pressure and rapid decline support.

Support: 76000-76400, 75000-75500
Resistance: 77800-78200, 78500-79000

⟠ Ethereum (ETH)

View: Focus on high shorts, with low longs as a supplement, and continue to pay attention to short opportunities after repairs are completed.

ETH is currently showing more obvious weakness.

The previously regarded important lifeline for bulls at 2400 has been repeatedly broken. Although the price has restored above 2400 today, the repeated losses indicate that the support strength at this position is declining.

From a cycle perspective, the daily line bearish acceleration has not been completed, so the current rise is still regarded as technical repair first.

There is a demand for continued rebound on the short-term 1-hour chart, and it is more likely that the repair rhythm will be maintained during the day; however, once the 1-hour cycle repair is completed, the upper 2440—2500 area will still form significant resistance, and high short opportunities need to be closely monitored.

The real battle between bulls and bears is worth observing tonight during the European and American trading sessions.

Currently, ETH has gradually formed multiple layers of resistance above. If each rebound cannot break through the previous high, the bearish structure will further strengthen.

Support: 2380-2400, 2350
Resistance: 2440-2460, 2480-2500, 2520

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This article is originally published by 【Huiying Community】 and represents personal opinion only. Due to certain delays in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate with caution.
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