Gu Jingci: Bitcoin/Ethereum's Sentiment Still Needs to Recover Amidst the Sharp Price Drop and Surge on February 6th

Bitcoin/Ethereum has recently experienced a sharp and continuous decline, breaking through a series of important support levels. Subsequently, it rebounded from lows of 59900 and 1740 in the early morning, with a relatively large upward movement. Such rapid rebounds after sharp drops are typically followed by consolidation. After this consolidation, if the recent lows are not broken, the upward trend is likely to continue. Looking at the daily chart, the previous day's large bearish candle accelerated the bottoming process, and the market continued to test lower levels after the opening today, briefly breaking below 60000 and around 1750 before rebounding. Currently, it is trading below the lower Bollinger Band, which remains wide open, with short-term moving averages trending downwards. The MACD lines are extending downwards, and the volume bars are increasing again. The KDJ indicator found support near the zero line and turned upwards, while the VR indicator is consolidating around 60. The 4-hour chart shows a slow and continuous decline followed by a slight rebound to test the 7-day moving average. The Bollinger Bands are trending downwards, the MACD lines are showing signs of turning upwards, the volume bars are decreasing, the KDJ indicator is crossing upwards, and the VR indicator is consolidating around 40. The market won't surge immediately; there will be a pullback to see if the support levels at 64000 and 1850 hold. Evening trading suggestions: Short at the current price of 68300 and 1980, with targets around 66500-67000 and 1900-1920; then go long around 1880-1900 and 65500-66000 in the early morning, with targets around 2000 and 68500.