10.21 BTC, ETH Evening Analysis: Crypto Market Continues to Decline, Bullish Sentiment Weakens
The trend chart analysis of ETH last night was almost identical, with the daily lifeline peak at 2770 mentioned without any error. Once Ethereum breaks 2700, it will be suppressed by the trend line above, so anyone who has read my post could easily take a long position.
Over the weekend, we analyzed the trends for this week and the future reversal. Although the monthly line continues to show bullishness, from last night's structural trend, Bitcoin faced resistance at 69500, leading to a continuous intraday pullback without effectively breaking through the upper pressure zone. Last night showed a fluctuating upward market, and tonight we will either see a big market movement or wait until Thursday's initial unemployment claims for a significant market movement, as technical indicators are showing divergence, which is a relatively rare continuous divergence, indicating a high probability of a major adjustment.
From the 4-hour chart of BTC: the current trend is downward, and the 4-hour MACD shows continuous bearish divergence, making the trend unclear. This mainly occurs after a significant market move where technical indicators adjust in volatility, and the OBV has rarely crossed below the yellow line, indicating strong bearish sentiment. The support level below is around 67800; if this level breaks and holds, we will look at 66200.
BTC Evening Strategy: Short at 68200-68500, targeting around 66200!
ETH Evening Strategy: Short at 2695-2715, targeting around 2635!
