Morning Thoughts

Currently, the head and shoulders pattern on the chart is clearly visible, with a clear trend direction and no suspense. The four-hour timeframe shows a continuous volume-driven decline from the head and shoulders pattern, directly breaking below the middle and lower bands of Bollinger Bands. Moving averages have also turned downward, forming a head and shoulders arrangement. The MACD remains below the zero line with increasing volume, indicating that the downward momentum has not shown obvious signs of exhaustion. The overall structure has entered a weak downward channel.

Any short-term rebounds are purely technical corrections and do not indicate a trend reversal. The head and shoulders rebound strength is limited and faces high resistance. In terms of trading, it’s crucial to follow the trend and focus on rebounds near the head and shoulders pattern.
Trading Suggestions:
Bitcoin around 69,500 target 68,000
Ethereum around 2,080 target 2,030