The daily chart showed bulls crawling through the weekend with sluggish footsteps, with prices testing higher gradually. After breaking through the Bollinger mid-line, it maintained movement in the mid-upper band. The trend appears steady, but upside momentum is clearly weakening. Friday's rally left a long upper shadow, merely a probing penetration of resistance without effectively opening upside space.
The previous 74000 level region exerts extremely strong pressure and is a key bull-bear dividing line. If it fails to break through effectively for an extended period, the structure will easily form a double top pattern; once confirmed, the market will likely trigger a new round of accelerated decline with significant retracement.
Do not be misled by short-term rebounds; the major direction remains bearish. Early session rallies are essentially technical corrections after sharp declines and have not changed the overall downtrend structure.
Bitcoin: Short near 72000-72800, targeting 70000-69000 downside
Ethereum: Short near 2120-2160, targeting 2060-2000 downside
Monitor conditions near support levels; if effectively broken, continue targeting lower; otherwise go long $BTC $ETH
The daily chart showed bulls crawling through the weekend with sluggish footsteps, with prices testing higher gradually. After breaking through the Bollinger mid-line, it maintained movement in the mid-upper band. The trend appears steady, but upside momentum is clearly weakening. Friday's rally left a long upper shadow, merely a probing penetration of resistance without effectively opening upside space.
The previous 74000 level region exerts extremely strong pressure and is a key bull-bear dividing line. If it fails to break through effectively for an extended period, the structure will easily form a double top pattern; once confirmed, the market will likely trigger a new round of accelerated decline with significant retracement.
Do not be misled by short-term rebounds; the major direction remains bearish. Early session rallies are essentially technical corrections after sharp declines and have not changed the overall downtrend structure.
Bitcoin: Short near 72000-72800, targeting 70000-69000 downside
Ethereum: Short near 2120-2160, targeting 2060-2000 downside
Monitor conditions near support levels; if effectively broken, continue targeting lower; otherwise go long $BTC $ETH