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Gujingci: 6.7 Bitcoin/Ethereum continues to decline, all the losses will eventually be recovered!
Bitcoin/Ethereum has ended several days of downward trend and is now stabilizing with a rebound. In fact, the market stabilized yesterday and the day before, with long lower shadows for two consecutive days, but the continuous breaking of lows meant the stabilization was not thorough. Today’s bullish candle is also quite a strong move, offering a last chance for short sellers at low levels. After several days of decline followed by a rebound and surge, there will be a process of testing lower support levels again. From another perspective, the large one-sided market movements that occur once every few months are basically coming to an end, and it will be much easier to trade in the upcoming period.
The four-hour and eight-hour charts show an rounded bottom rebound structure, indicating the trend is basically stabilizing. Additionally, the four-hour and eight-hour moving averages support levels are at 1580 and 61,000 to 61,500, respectively. Once the market provides a pullback opportunity, it can be confidently re-entered with long positions. Resistance levels above are at 66,000 and 1,780, and patience is needed tonight to wait for pullback opportunities to follow the trend and look for rebounds and surges.
Evening trading suggestions: Buy Bitcoin near 61,400 to 61,800, targeting 63,500 to 64,000; buy Ethereum near 1,590 to 1,605, targeting 1,660 to 1,680.
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