Bitcoin's rebound is too weak, and the decline is not yet over; U.S. stocks continue to fall after opening, showing false breakouts, and we need to pay attention to Bitcoin's correlation. For a long time, Bitcoin has been following the decline without participating in the rise, and all three major indices have shown false breakouts, forming an M-top. However, Bitcoin has already dropped nearly 22%, with the weekly line falling near the MA60, which often acts as support in a bull market; Ethereum has already touched the weekly MA60, and if Bitcoin continues to drop, Ethereum may touch the weekly MA120. Therefore, I believe that a phase of bottoming rebound is not far away, but we still need to be patient and wait.
Bitcoin
The day before yesterday, after touching 98888.8, it rebounded to 101516, but the rebound strength is too weak, and it has not recovered any key resistance levels, failing to form an effective rebound to break the downward momentum. Currently, it is rebounding again near the previous touch point, and there is slight support here in the short term, but we also need to see if it can break through the resistance around 105000—107000.
Since the rebound from 74500, it has now dropped to around the Fibonacci 0.5 level. If it goes more extreme, it could reach around 94500 corresponding to 0.618, where there is a chance for a rebound. But for now, do not rush to buy; even if participating, it should only be in batches, as there is currently no clear signal of a stop in the decline.
Support: 94500—96000
Resistance: 107000—116500
Ethereum
Ethereum's weekly line has reached MA60, and if it continues to drop to MA120, there is a chance for a bottoming rebound. Since the rebound from 1385, it has now dropped to around the Fibonacci 0.5 level, and continuing down would reach 0.618, which is also strong support.
From a 4-hour perspective, it needs to break above 3500—3670 to potentially create right-side opportunities.
Support: 2800—2900
Resistance: 3500—3670
If you like my views, please like, comment, and share, and let's navigate through the bull and bear markets together!!!
The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: BTC Trading Master Fusu
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