4.29 BTC/ETH Market Outlook:

This week’s market first surged, then pulled back from high levels. On Tuesday, it fell into a sideways range; today Wednesday, Bitcoin’s daily K-line has seen two consecutive bearish candles. The price has pulled back to probe and test the midline support, but it has not broken yet. Although the upper band is opening downward and moving lower, the midline and lower band are still opening upward and rising. The KDJ indicator is turning down, and the MACD bearish histogram/volume is expanding—when the market falls into a stalemate between bulls and bears again…

On Monday, it first pushed through to squeeze the shorts, and then pulled back from the highs, taking out a wave of the longs that chased the breakout. On Tuesday, it traded sideways at low levels, giving people the feeling that the bulls lacked strength to reclaim lost ground. The rebound was weak, which led those who missed the low-level short entry to chase shorts into the move—now that Wednesday is here, some rebound appears, but those who chased shorts are getting trapped again. Recently, the market has been repeatedly shaking out positions, oscillating back and forth.

Currently, on the hourly and 4-hour levels, both are still in the process of moving into a rebound. For the intraday approach, first focus on the rebound’s strength and see how the 4-hour midline acts as resistance. Short positions can still be considered for a small initial attempt around 77,000. After all, chasing longs at this kind of level, in my opinion, doesn’t feel very stable. If price is capped and then pulls back, watch supports below at the 76,000, 75,000, and 74,000 areas.

Ethereum’s price has come to around 2310, and it is already probing the 4-hour midline resistance. At the same time, this level is also where the daily K-line midline resistance is. With this double resistance, it’s still worth continuing to go short. If you don’t have a short position, you can consider a short around 2310. If it meets resistance and pulls back, the supports to watch are the 2250, 2200, and 2150 areas. $BTC $ETH ‌$DOGE