2.5 Afternoon Analysis of Bitcoin Market
Hello to all friends in the crypto community, good afternoon! The current market trend of Bitcoin is attracting a lot of attention. From a daily perspective, the bearish forces are dominant, and the pressure is evident, which creates significant obstacles for the price to break upward in the short term. Looking back at yesterday, there was a rebound in price, reaching a peak near 10800, but it quickly retreated, falling to the first support level we mentioned last night around 96100.
Currently, for today's market, 99300 is an extremely crucial resistance level above. It can be considered a dividing line between bulls and bears. Only if the four-hour closing successfully breaks above 99300 does it mean that a reversal may occur, initiating a new upward trend; conversely, if the close fails to break this resistance level, the subsequent rebound will likely be weak, and the overall market is highly likely to continue the bearish trend.
Based on this market analysis, our trading strategy can be to wait for short-selling opportunities near 99300, with target support levels looking at 96100, 93800, and 91184 below. It is important to note that once the four-hour closing breaks 99300, short positions should exit manually, and it may also be considered to go long. Additionally, there are two more resistance levels above at 101000 and 102427.
Now let's look at the market for Ethereum. Currently, from a four-hour perspective, the rebound has ended. The resistance level for today's upper rebound is at 2781, which is also a dividing line between bulls and bears. Only if the four-hour closing breaks above 2781 can the market potentially reverse upward. If the breakout is successful, further upper resistance levels can be noted at 2919, 2992, and 3052. If today’s four-hour closing fails to break 2781, the market will continue to be bearish, with second bottom support levels at 2642, 2528, and 2443.
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