Daily share

Bitcoin failed to drop further last night and bounced back above 86,000 this morning. In the short term, it looks like the extension of a 1-hour rebound, though the rebound still seems somewhat weak. It remains to be seen whether it can break above 87,400 tonight.

For now, the short-term market is moving sideways gradually. We’ll see whether the broader rebound has one final push left. It looks like it could make a run at a new high. At the end of a daily-chart rebound, it’s best to stick to short-term long positions; don’t expect too much upside in the short term.

Short- to medium-term trend direction

Main direction on the 4-hour chart: In the short term, it still looks like the extension of a 4-hour rebound, unless the price breaks below 82,600. Otherwise, the market may continue to consolidate while waiting for a short-term direction to emerge.

1h timeframe direction: It broke below 85900 this morning, suggesting that the short-term move is an extension of the 1h rebound. Let’s see whether it can make another push higher tonight.

BTC short-term outlook

As market conditions can change quickly in the short term, this article can only offer a forecast based on market movements at the time of publication. Short-term traders should keep an eye on the latest market developments; this is for reference only.

1H:

1. On the 1h timeframe, short-term moves are difficult to assess because the structure is quite choppy. It didn’t fall below 83888 again yesterday, and so far today it hasn’t broken above 87200, making the short-term trend unclear.

2. First, watch to see whether it can push above 87400, extending the 1h and 4h rebound.

3. A fresh drop below 84700 would suggest further short-term correction or consolidation.

15M:

1) On the 15-minute timeframe, as long as it doesn’t fall below 84700 in the short term, we’ll continue to look for a rebound above 87000.

2) If it falls below 84700 again, it may either continue ranging before making another push higher, or begin a larger-scale correction directly.

3) What makes the current market difficult to assess is that it has been swinging back and forth in the short term, without breaking key levels to the downside or upside.

ETH

1) Ethereum held above 2650 yesterday and surged to 2739 today. If it breaks above 2750 again in the short term, we’ll see whether it can rise above 2800.

2) It would take a short-term break below 2675 to suggest a possible 1h decline. As long as it holds above that level, it should make another push higher.