In the early session, Bitcoin rebounded from a low of 89850 to 90456 but faced pressure and fell back, entering a correction phase overall. Ethereum followed suit, rising to 3134 before oscillating downwards, with a minimum touching around 3078.
From the current structure, the 4-hour level is still in a stepped upward trend. The price previously touched the upper Bollinger Band but failed to form an effective breakout, followed by a long bearish candle retreating to the middle band, indicating that pressure in the upper band area remains significant. In terms of indicators, KDJ has formed a death cross structure, showing that bearish momentum is gradually being released.
Switching to the hourly chart, the trend changed from three consecutive bullish candles to five consecutive bearish candles, strongly breaking through the middle band support. The hourly KDJ death cross formation is relatively clear, and MACD is also operating below the zero axis, with bearish forces dominating in the short term.
Overall, the market is showing a correction trend in the short term, and it is recommended to focus on short positions after a rebound.
Trading suggestions:
Bitcoin: Pay attention to the resistance in the 90000-90500 range; if resistance is met, consider placing short positions, targeting around 88000.
Ethereum: It is recommended to lightly short near 3100, with a target focused on the 3000 level.
