Yueying: Bitcoin and Ethereum Market Analysis for February 24th - Will There Be New Lows Amidst a Weak Market? (Short-Term Trading Tips Included)

Looking at the daily chart for Bitcoin, after a period of narrow-range consolidation, the price opened lower and tested the lower Bollinger Band before rebounding. The Bollinger Bands are narrowing, with short-term moving averages around the middle band forming short-term resistance. The MACD fast and slow lines crossed upwards, but the volume bars are shrinking. The KDJ indicator turned downwards again after encountering resistance, and the VR indicator is consolidating around the 50 level. On the 4-hour chart, the price broke through the small trading range with a bearish candlestick in the morning, falling below the lower Bollinger Band before rebounding but encountering resistance around the 7-day moving average. The Bollinger Bands are slightly widening, and the short-term moving averages are turning downwards. The MACD fast and slow lines crossed downwards and broke below the zero line, with the volume bars shrinking. The KDJ indicator found support near the zero level and turned upwards, while the VR indicator is consolidating around the 130 level. Overall, the market remains weak. There are no positive macroeconomic news developments, and existing funds are mostly observing or even exiting the market, let alone new funds entering. Therefore, the probability of further decline in the short term remains high. The first support level to watch is the previous low; if this level is broken, the next support level to watch is around 62,000. The resistance level to watch is around 68,000. Here are some short-term trading suggestions. Bitcoin short-term suggestions: Short at 67300, Long at 65100 (or Long at 62500) (Take profits as needed after strategy activation). Ethereum's overall technical analysis is correlated with Bitcoin's; there's not much to say. Currently, it's difficult for it to move independently. In the short term, watch for resistance around 1980 and support around 1820. If it breaks through, watch for support above the low of the 6th. Ethereum short-term suggestions: Short at 1950, Long at 1870 (or Long at 1780) (For more cryptocurrency analysis, click the image to see the homepage introduction). —I am Zhou Yueying, a teacher specializing in technical analysis. If you have any questions about trading or trends, feel free to discuss and learn with me! Let's exchange ideas and profit together!