Bitcoin and Ethereum Recent Trend Analysis: Bearish Structure Forms, Key Resistance Levels to WatchYesterday, we mentioned that a bearish structure has formed for Bitcoin, and given the multiple bearish factors, we advised against focusing on the bulls and instead looking for shorting opportunities at resistance levels. Early this morning, the price dropped to the neckline we mentioned, falling nearly 4 points
Bitcoin and Ethereum Recent Trend Analysis: Bearish Structure Forms, Key Resistance Levels to Watch
Yesterday, we mentioned that a bearish structure has formed for Bitcoin, and given the multiple bearish factors, we advised against focusing on the bulls and instead looking for shorting opportunities at resistance levels. Early this morning, the price dropped to the neckline we mentioned, falling nearly 4 points. The price is currently in a rebounding trend.
Bitcoin 4H Trend Analysis:
What will the trend be going forward? Firstly, when the price touches the neckline below, which is the support level, we can see that the demand strength at the support level is still relatively strong. There may be a slight rise over the weekend, with the target level being the upper shoulder resistance. However, we also need to pay attention to whether a small head-and-shoulders top will form at the right shoulder.
Ethereum 4H Trend Analysis:
Ethereum also declined as expected, falling nearly 5 points, forming a W-bottom. Will this lead to an upward structure? Based on the current rebound momentum, the resistance level above is still strong. Although it is in a rebounding trend over the weekend, it will need to consolidate to break through the resistance. Therefore, we can monitor the trend of the resistance level in the future.
Summary:
Both Bitcoin and Ethereum are currently in a bearish structure. While there may be a slight rebound over the weekend, the overall trend still needs careful observation. Monitoring key resistance levels and judging the future trend is crucial.
BTC ETH Cryptocurrency MarketAnalysis
Bitcoin 4H Chart:
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Ethereum 4H Chart:
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