Bitcoin, this week can be described as a week of frequent alternation between long and short positions in the short term. Although the daily chart relied on oscillating rebound after retracing to the support level of 64500, the intraday trend was interspersed with back and forth movements, not fearing sharp rises and falls, but fearing the torment of alternating long and short positions. In terms of trend, the daily chart is still oscillating at a high level. After reaching the peak, the bulls have experienced pullbacks, but the overall trend of rising remains unchanged. Looking at the low points of several tests at 58900-60766-64425, the overall trend is still maintained as an upward trend, but the strong resistance above is particularly evident, especially the pressure above the 71000 level. Once the daily chart stabilizes in the rebound, the coin price still has the potential to break through to new highs.

In the short term, the four-hour triangle structure oscillates, and the range gradually compresses. The trend oscillates slightly upwards. This week, it rebounded and broke through several times after probing lower, but before the range is broken through and the resistance stabilizes, one should not overly focus on the bulls, especially after suffering losses several times last week. In the short term, breaking through the 69000 level in the morning, combined with the rebound momentum after retracement on the daily chart this week, the coin price is expected to continue to challenge the 70000 level. In the morning, we aim for a rebound after the rise, so in the afternoon, we should look for long positions after the adjustment and retracement.

Bitcoin short-term long at 68800, target 70000-71000

Ethereum, in a weak position, without the push of Bitcoin, it would have fallen to a low level. After all, in the current trend, each rebound is weak, and each decline is strong, which directly led to the situation where we have shorted multiple times in the short term, Bitcoin suffered losses and exited, while Ethereum always perfectly reached the target. But in this weak situation, Ethereum has not completely escaped the restraint of Bitcoin and effectively declined. Relying too much on others is difficult to succeed, and one still needs to be strong on its own. Currently, the daily chart mainly provides effective support at the 3200 level. In the short term, attention should be paid to the conversion level of 3450. Only when the bulls stabilize at this level can they turn strong. Otherwise, there is always a risk of decline.

Ethereum short at 3350

This article is an original work by myself, Xiao Feng, for coin analysis. The above analysis is only a personal opinion, for reference only. Investment involves risks, and one should be cautious when entering the market. Please indicate the source when reposting!

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