Yueying: Bitcoin and Ethereum Market Analysis Today - Too Many Orders Being Cashed Out, Extremely Weak Market - Can a Reversal Occur?
Bitcoin Technical Analysis — On the daily chart, after a series of declines, the previous candlestick closed positive, indicating a halt to the fall. However, the rebound was limited and failed to break through 97,000. The Bollinger Bands are widening downwards, short-term moving averages are trending downwards, the MACD fast and slow lines are extending downwards with decreasing volume, the KDJ is crossing downwards but showing signs of turning around, and the VR indicator is consolidating around the 60 value. On the 4-hour chart, the price is oscillating within a small range and is currently testing the 7-day moving average. The Bollinger Bands are trending downwards with signs of narrowing, short-term moving averages are extending downwards, the MACD fast and slow lines are turning upwards with increasing volume and turning red, the KDJ is turning downwards, and the VR indicator is consolidating around the 50 value. Overall, the market is in a narrow range over the weekend, but the overall structure remains weak. If the price fails to hold above the short-term resistance level of 97,000, it will continue to decline. Short-term support is at 94,500; a break below this level would likely lead to a further accelerated decline, potentially testing the 92,000 area. Short-term recommendations are as follows. Bitcoin Short-Term Recommendation: Buy at 95,000 (or 92,800) (Take profits as needed after strategy activation). The previous long position strategy on Ethereum performed as expected, moving nearly $200. Over the weekend, it traded in a narrow range of $100. The overall technical analysis is linked to Bitcoin and can be used as a reference. Currently, the short-term focus remains on the support around 3000. Ethereum Short-Term Recommendation: Buy at 3125 {Buy at 2988} (Click the image to see the homepage introduction for more cryptocurrency analysis). —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!