Daily Share

After Bitcoin wicked down to 76,325, it continued to fluctuate and rebound for a little over two days, reaching a high of 78,878. This was a 1-hour rebound. The rebound did not break through the 79,000–79,500 resistance zone, so overall, it is likely that prices will fall again after this rebound. Keep watching the strength of the next 1-hour decline. If prices break below 76,000 again, there may be a chance to test the 75,000–74,000 range.

Although everyone is buying the dip and afraid of missing the next rally, I think it’s still worth waiting a little longer. The daily-chart pullback may still have room to move lower. When buying the dip, it’s important to keep the right mindset: it doesn’t matter if you don’t buy at the absolute bottom, but you should buy once a new move is confirmed. Efficiency is highest when you buy in and prices quickly surge past a key level. Alternatively, once right-side signals confirm that a new uptrend has begun, a strong rally can also work wonders.

Medium- to short-term trend direction

4h main direction: The third 4h-degree downward move in the daily pullback is underway; waiting for the structure to complete

1h direction: The short-term 1h-degree rebound may be nearly over; waiting for the next 1h-degree downward move to develop

BTC short term

Since market conditions change quickly in the short term, this article can only forecast market movements as of the time of publication. Short-term traders should pay attention to the latest market developments; this is for reference only.

1H:

1) On the 1h timeframe, the short-term rebound that started at 76325 is expected to be nearly complete, or it may finish after making one more high.

2) The next 1h-degree downward move is expected to develop tomorrow. It may break below 76325. Pay close attention to whether it can quickly fall below the 76000 range and into the area below 75000.

3) For the overall pullback, continue to watch 74500, 72500, and 70600. Pay close attention to the market impact after the US midterm elections conclude.

4) BTC must break back above 81000 in the short term to confirm that the daily pullback may be over. If it cannot break through, it will continue searching for a bottom until other bottoming signals appear.

15M:

1) On the 15-minute timeframe, BTC's pullback last night did not break below 76700, so today it made another 15-minute-degree rebound, rising above 78300 again and reaching a high near 78800.

2) A 15-minute-degree pullback appears to be underway now. First, watch whether it can break below 77600. A break below would confirm the start of a 1h-degree downward move, targeting a break below 76300.

ETH

1) ETH's 1h-degree rebound is also expected to be nearly complete. Today's rebound is slightly stronger, but it is still facing some resistance above.

2) On the 15-minute timeframe, a 15-minute-degree pullback is expected to be underway. If it breaks below 2247, this would confirm the start of the next 1h-degree downward move.

3) ETH still needs to make another 1h-degree downward move overall. Watch 2150 below; if that breaks, consider the area around 2030.

4) For ETH to confirm a new upward wave, it needs to get above 2400 at a minimum in the short term; otherwise, it may continue searching for a bottom.