9.16 Bitcoin and Ethereum Morning Market Analysis and Trading Suggestions

CN
4 hours ago

Morning Analysis: From the 1-hour chart, the price of Bitcoin has recently tested the resistance at 117,000 multiple times but has faced rejection and retreated, lacking clear upward momentum. Overall, it is in a pattern of high-level consolidation and correction. The current price has not yet completely shifted from bearish to bullish, and the support level around 113,500-113,300 has not been reached. The MACD histogram is negative and showing negative growth, indicating that short-term market momentum is leaning towards bearish, with a possibility of testing that support level during the day.

Ethereum has recently shown consecutive bearish candles on the daily chart, with the price gradually retreating from its highs, forming a short-term downtrend. In the 4-hour timeframe, the candlesticks have frequently shown long upper shadows, indicating heavy selling pressure above, while the lows continue to decline. However, the price is near a previous bullish-bearish conversion zone around 4,500-4,480, and only a break of the candlestick body will indicate a change. In the technical indicators, the MACD on the 4-hour timeframe shows both DIF and DEA diverging downwards, with green bars continuing to expand, indicating an increase in bearish momentum.

Trading Suggestions: For Bitcoin, consider shorting around 115,500-115,800, with a stop loss at 116,300 and a target of 114,500-114,000. If it breaks down, look for 113,600-113,300; if it doesn't break, consider going long.

For Ethereum, consider shorting around 4,580-4,600, with a stop loss at 4,635 and a target of 4,515-4,490. If it breaks down, look for 4,470-4,440; if it doesn't break, consider going long.

This strategy is for reference only; please invest cautiously and secure profits. (Follow Dan on WeChat: Ethereum Kai)

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