From the 1-hour chart, Bitcoin rebounded from the recent low of 62401, forming a large bullish candle, but there is still strong resistance at 68000-69000. If a volume breakout occurs, it could open up room for a rebound toward around 72000.
After peaking above 70,000 previously, the market has been oscillating downward, with lower highs each time, and the overall center of gravity clearly shifting downward. The Bollinger Bands are opening downward, and the price has mostly been pushed below the middle band, indicating a bearish structure remains intact. This wave's lowest point around 62400 was pulled back up, essentially a technical correction after an oversold condition—just a breather, not a reversal signal.
This morning, it is recommended to short around 66000 and 66800, targeting 64000 and 63000. A break below could lead to further declines toward 60000.
Ethereum this morning is advised to short around 1920 and 1960, with targets of 1860 and 1800.
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2.25 Bitcoin and Ethereum Outlook
From the 1-hour chart, Bitcoin rebounded from the recent low of 62401, forming a large bullish candle, but there is still strong resistance at 68000-69000. If a volume breakout occurs, it could open up room for a rebound toward around 72000.
After peaking above 70,000 previously, the market has been oscillating downward, with lower highs each time, and the overall center of gravity clearly shifting downward. The Bollinger Bands are opening downward, and the price has mostly been pushed below the middle band, indicating a bearish structure remains intact. This wave's lowest point around 62400 was pulled back up, essentially a technical correction after an oversold condition—just a breather, not a reversal signal.
This morning, it is recommended to short around 66000 and 66800, targeting 64000 and 63000. A break below could lead to further declines toward 60000.
Ethereum this morning is advised to short around 1920 and 1960, with targets of 1860 and 1800.