Analyst Liang Qiu: 9.16 Bitcoin Ethereum Market Trend Analysis

Bitcoin and Ethereum experienced multiple spikes and subsequent declines yesterday, with a low reaching around 114300 and 4460. They then began to oscillate and rise. The overall rise of Bitcoin was quite good, but Ether remained weak, with the rise not being significant. The strategy of building positions during the rise we discussed yesterday can achieve good results if the trend and waves are managed well. Currently, Bitcoin's rise needs to focus on the daily high point of 117000 from yesterday as resistance, while Ether only needs to keep an eye on the range between 4580 and 4600.

The four-hour chart for Bitcoin shows that it is currently under pressure from the upper levels of 117000 and 4600, but there is strong support at the lower level of 113000 (double top neckline). The RSI is at 47.5, indicating a neutral range, and the MACD momentum bars have shifted from red to green but are contracting. The Bollinger Bands have narrowed to 112,000 - 117,000 USD. The technical outlook for Ethereum is also facing a directional choice in the short term. From a short-term perspective, we need to observe the support level of 4300. If the price falls back to the range of 4300-4350 and the RSI stabilizes above 45, there is a possibility of a rebound. The upper level formed resistance after breaking down from 4580 to 4600 yesterday.

It is recommended to short Bitcoin around 116000 to 116500, with a target near 114500; short Ethereum around 4540 to 4570, with a target near 4460.

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