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Reviewing the early morning market sentiment, Bitcoin retreated to around 76,000 support level, then rebounded to stabilize near 77,000. Ethereum moved in sync with Bitcoin, and the market once again hovered around 2,130 for consolidation.
Does this feel familiar? We're back to the frustrating sideways trading.
From the daily chart, Bitcoin has experienced consecutive declines, breaking below the key support at 77,000, creating a new low since May, with obvious strong bearish momentum. The price opened downward, falling below the middle band and firmly staying below the lower band, with a focus on the 75,500 support.
On the four-hour chart, the highs are gradually decreasing, the bearish candles are enlarging, and the rebounds are weak recoveries with no reversal signals.
In terms of trading strategy, we follow the trend and go short; avoid bottom fishing.
Bitcoin short at 77,200-77,700 in the morning, targeting around 75,500.
Ethereum short at 2,140-2,170 in the morning, targeting around 2,000.