Mu Feng Looks at Trends: 2.1 Bitcoin/Ethereum Evening Market Analysis, Steadily Following the Trend, Against the Trend Can Only Be Said to Test with Light Positions.
This month's monthly chart shows that the KDJ and MACD have crossed into a death cross and are continuing to decline. The price in the BOLL is basically stabilizing below the middle track, and the entire track is oscillating downwards; on the main chart, the MA5 is significantly declining and exerting pressure, while the upward momentum of the MA30-day moving average is continuously weakening. It can be seen that the market's selling pressure sentiment is increasing. However, there is a gap between the monthly price and the five-day moving average, so it is estimated that there will still be a technical rebound to adjust sentiment within the month.
On the daily level, today's KDJ and MACD continue to show a significant decline, and in terms of BOLL, the lower track is opening widely like a "waterfall," indicating that the bears are very strong; on the main chart, the three-day moving averages are still maintaining a strong bearish arrangement. However, there is a significant gap between Ethereum and the five-day moving average. Considering that there was a continued significant decline yesterday, there is still a probability of gap repair today, but it will not fully touch the MA5-day moving average. Everyone still needs to be rational in going long, as the trend and market sentiment are both pointing towards bearishness. Steadily follow the trend, and against the trend can only be said to test with light positions.
For intraday short-term trading, I personally believe there will be a slight technical rebound sentiment, but the strength is estimated not to be too strong. Be aware that after the short-term rebound ends and if the rebound strength is not sufficient, it will continue to decline with increased volume. For the evening, let's see it here for now, and we will discuss it again after the weekly update.
The above is my personal evening market analysis, for your reference only.
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