Wednesday Market Review

On Wednesday, the market was on a continuous decline. Bitcoin plummeted from the morning high of 93,825 down to around 90,987 before stabilizing. Ethereum followed suit without mercy, dropping from a high of 3,301 to 3,142. This oscillating downward movement aligns with our expectations — two short positions on Bitcoin yielded a profit of 2,800 points, and two short positions on Ethereum gained 123 points. It’s quite interesting.

From the four-hour chart, the price descended in a trapezoidal pattern toward the lower Bollinger Band, with the three Bollinger lines gradually flattening. You’ll notice the bearish momentum is beginning to weaken, although there are attempts to test support levels below, but the strength is clearly insufficient. This indicates a rising possibility of a rebound. Looking at the one-hour chart, three consecutive bearish candles are tightly hugging the lower Bollinger Band. Although there was a breakout, the price did not settle firmly below — and this is crucial. The 90,500 level has repeatedly served as a launching point for the bulls; as long as it remains unbroken, we have reason to expect a bullish rebound.

Trading Suggestions:
$BTC: Consider long positions around 90,500, targeting 93,000
$ETH: Consider long positions near 3,120, targeting 3,250

That’s the market situation. We wait for confirmation of the rebound.