Bitcoin generally shows a bearish oscillation pattern, having started to decline from its peak of 69,000 early this morning. During the oscillation process, it gradually retreated and broke the short-term support, reaching a low of around 67,400. Ethereum's performance is highly correlated with Bitcoin, also beginning its downward trend from its 2013 high, falling to a minimum of 1962, with a persistent weak retracement pattern throughout, highlighting the synchronized performance between the two markets.
The daily downtrend channel continues to expand in an organized manner after the market experienced a short-term rebound, completing the formation of an attractive peak, and successfully transitioning into a steady bearish oscillation pattern. Selling pressure is gradually released, pushing the moving averages system to form a synchronized decline pattern. This indicates that the trend has clearly reverted to a bearish stance, with strong continuity and a solid structure. The four-hour performance continues to confirm the weak retracement pattern, as the price remains steady along the lower support line of the channel, showing technical characteristics of a one-sided decline, which reinforces the bearish fundamentals on the daily level. The current market condition indicates that selling pressure is still accumulating, and short-term rebounds are not signs of trend reversal but rather reserve movements to gather energy before further decline. The focus during this morning's operations remains on exploiting rebounds to open sell positions.
Specific operational recommendations: Focus on resistance zones at 69,300-70,000 and 70,800-71,500. When signs of pressure or breakouts appear, attempts can be made to sell from the upper levels, expecting a decline of 500-6,000 points. If the price surpasses 71,500, it is considered a signal of trend reversal.
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Bitcoin generally shows a bearish oscillation pattern, having started to decline from its peak of 69,000 early this morning. During the oscillation process, it gradually retreated and broke the short-term support, reaching a low of around 67,400. Ethereum's performance is highly correlated with Bitcoin, also beginning its downward trend from its 2013 high, falling to a minimum of 1962, with a persistent weak retracement pattern throughout, highlighting the synchronized performance between the two markets.
The daily downtrend channel continues to expand in an organized manner after the market experienced a short-term rebound, completing the formation of an attractive peak, and successfully transitioning into a steady bearish oscillation pattern. Selling pressure is gradually released, pushing the moving averages system to form a synchronized decline pattern. This indicates that the trend has clearly reverted to a bearish stance, with strong continuity and a solid structure. The four-hour performance continues to confirm the weak retracement pattern, as the price remains steady along the lower support line of the channel, showing technical characteristics of a one-sided decline, which reinforces the bearish fundamentals on the daily level. The current market condition indicates that selling pressure is still accumulating, and short-term rebounds are not signs of trend reversal but rather reserve movements to gather energy before further decline. The focus during this morning's operations remains on exploiting rebounds to open sell positions.
Specific operational recommendations: Focus on resistance zones at 69,300-70,000 and 70,800-71,500. When signs of pressure or breakouts appear, attempts can be made to sell from the upper levels, expecting a decline of 500-6,000 points. If the price surpasses 71,500, it is considered a signal of trend reversal.