Bitcoin continued to fall yesterday, breaking through 27000 and accelerating downwards. The only level worth paying attention to at the moment is 26000. This is not only the support level for the second dip in the market on September 25, but also a range of volatility from mid-August to early September! Once it continues to break through this level, the bears will be unstoppable!

In the short term, there was a low exploration rebound, but it did not complete the rebound. It closed at around 26860, showing relatively weak overall rebound strength, and the bears have continued. Therefore, the direction of Bitcoin has completely turned bearish, and the signal for long positions has been completely destroyed.

In terms of technical structure, the European market continued to break through the bottom, so a rebound in the American market is bound to be bearish. This was also the case in the evening, with a large four-hour bearish candle. In this situation, it is necessary to pay attention to a bearish move in the American market tonight, and the strength of the upward rebound is not very strong. Therefore, continue to focus on the 26900-27100 short positions tonight!

Bearish

Direction bias: Bearish first

Reference level: Short at the 26900-27100 area

Defense level: Combined with a single position loss within 8%.

Target level: Look for a 1000-point space.

Ethereum is currently experiencing overall volatility. While Bitcoin fell on high volume yesterday, Ethereum did not follow suit, only making a slight downward probe. The midnight rebound basically engulfed yesterday's decline, and it is currently oscillating around the 1560 level.

From a technical perspective, on the four-hour level, the upward trend line has already broken downwards, and on the 10th of this month, it tested the level of downward pressure when rebounding, although it broke through, the bears did not show the expected strength, but instead oscillated back and forth in the 1575-1545 range. Since it has broken through the support and the rebound has also tested the pressure of the horizontal resistance line, it is okay to continue to follow the bearish trend!

It is recommended to short on the high rebound!

Direction bias: Bearish

Reference level: Short at the 1570 area

Defense level: Combined with a single position loss within 8%.

Target level: Look for 1545, and if it breaks through, continue to look at the previous low of 1530!

For more information, you can follow Lao Feng's WeChat public account: Lao Feng Shuo Bi A!

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