Wednesday, October 1st, Weak Downtrend, Rebound Lacks Strength

Yesterday, Bitcoin continued to consolidate at a high level, and in the afternoon the market began to gradually decline. In the evening, it experienced a waterfall-like drop, currently stabilizing at around 96100 before rebounding, and now back at around 97000. Yesterday was a continuous bearish outlook, and during that period a profit opportunity of 6300 was captured. The weak downtrend continues to prevail.

In last night’s analysis, attention was drawn to the support level in the 96000 area. As of now, this level hasn’t been breached, but from the daily chart, given the closure of a large bearish candle, the market hasn’t seen much reversal for some time; the short-term trend remains bearish. Similarly, after consecutive bearish candles on the 4-hour chart, a minor rebound correction was observed, but the strength of this rebound is relatively weak. Under such a feeble rhythm, the rebound strength won't be significant. However, on the hourly chart, there is some rebound risk; after the price declines, a rebound action occurs, indicating a short-term convergence of bearish sentiment. The main outlook is bearish, but attention should also be paid to any rebound actions. In terms of trading, the focus should be on shorting during rebounds, so look for rebound actions in the morning!

On Wednesday morning, it is recommended to short Bitcoin around 97500-98000, targeting 96000-94000.

On Wednesday morning, it is recommended to short Ethereum around 3420-3450, targeting 3300-3200.

Considering a thousand times is not as good as doing it once; hesitating ten thousand times is not as good as practicing once; a magnificent fall is better than aimless wandering. The future you will definitely thank the present you for your hard work.