Have you ever seen the stubbornness of a seed breaking through the soil? It traverses the dark encasement, using its tender green tendrils to embrace the sunlight, growing into its own forest amidst the wind and rain. There is no path in life that is walked in vain; those deep nights of gritting your teeth and moments of tears will eventually transform into the everlasting starlight of your life at some dawn. This week, BTC fell from around 119800 at the beginning of the week to the line of 111185. Since the news from the Fed was released, the price has plummeted. This week's performance is still quite good, with BTC gaining a total of 16341 points. Ether gained a total of 892 points.


In the four-hour time frame, the market has rebounded after experiencing two consecutive bearish candles and reaching support. Various moving average indicators are showing initial signs of upward turning, and bearish momentum has somewhat diminished. However, the Bollinger Bands continue to open downward, and the overall trend has not broken away from the descending channel, remaining in a weak pattern. On the daily chart, the price of the coin previously formed six consecutive bearish candles, quickly breaking through the lower Bollinger Band, indicating an oversold condition. Currently, there is a slight rebound, bringing the price back within the range of technical indicators, but this round of decline presents a "bearish engulfing" pattern, with a rapid pullback lacking effective counter-rebounds. The signals on the chart clearly indicate that bears still dominate, with no clear signs of a bottom being formed. The coin price has now rebounded to near yesterday's key starting point. The bearish market structure remains unchanged, and the evening trading suggestion is to maintain a high short position.
BTC can short near 114500-114000, looking at 112000.
Ether can be shorted near 3490, looking at 3380 #btc#
BTC-2.83%
ETH-5%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)