Bitcoin and Ethereum 4H Trend Analysis: Breakdown of the Lower Boundary, Short-Term Correction Risk RemainsBitcoin:The 4H chart for Bitcoin shows that the price has broken below the lower boundary of the range as expected, and there are no signs of a rebound yet. Yesterday we mentioned that the supply within the current range is biased towards selling, so it's highly likely that the price will break below the bottom of the range
Bitcoin and Ethereum 4H Trend Analysis: Breakdown of the Lower Boundary, Short-Term Correction Risk Remains
Bitcoin:
The 4H chart for Bitcoin shows that the price has broken below the lower boundary of the range as expected, and there are no signs of a rebound yet. Yesterday we mentioned that the supply within the current range is biased towards selling, so it's highly likely that the price will break below the bottom of the range. We also highlighted that it's not recommended to trade excessively within the range. So far, the price has dropped by about two points but hasn't reached the support below, so it's not advisable to chase buys for now. The support area below can be referenced at 61400-62000. From the perspective of the supply at the resistance level, a deeper decline would be beneficial for the subsequent trend.
Ethereum:
The 4H chart for Ethereum also shows an expected decline, currently around the 2680 support level. However, based on the current correction magnitude, the support at 2680 may be short-lived. There might be a minor rebound here, but a breakdown remains possible. It's not ruled out that the price could continue to fall towards 2630. However, the support at 2630 is relatively strong and should be closely monitored.
Overall:
The current market is in a correction phase, and the risk of continued decline in the short-term still exists. Investors are advised to exercise caution and avoid impulsive buying or selling.
BTC ETH Cryptocurrency MarketAnalysis
Bitcoin 4H Chart:
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Ethereum 4H Chart:
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