Yesterday, the crypto market surged in the early trading and then showed a unilateral correction trend throughout the day, but the correction space was not large and the speed was relatively slow. In the early morning, the first Ethereum ETF was officially approved and will start trading after the opening of the US stock market tonight. Is the current position a rebound tail or an upward relay?
Let’s go back to the weekly chart of BTC
1: It took 49 days for the callback from point A to point B to be 17346 points; it took 37 days for the rebound from point B to point C to be 15606 points, with a rebound amplitude of 89.9%.
2: The total time from point C to point D is 18814.5 points, which is a total of 21 days.
Up to now
It rebounded from point D to 15130.2, with a rebound of 80.4%, and it was 17 days as of yesterday. The magnitude and time ratio of this rebound are basically the same as the previous round. Therefore, from this perspective, the rebound fishtail market is not an exaggeration.
Whether it will be a relay of rise cannot be seen at the moment, because the high point of this round of rebound did not break through the high point of the previous round. Whether it can break through is unknown now. We can only speak based on facts.
The current situation
Yesterday, BTC and ETH only showed a downward trend on the hourly chart, but no downward trend was formed in the cycles above four hours. Yiming has emphasized many times before that the downward space will be large only when a correction signal appears in the cycles above four hours. Currently, they are moving between the hourly chart and the four-hour cycle. This stage is mostly characterized by volatile market conditions.
As of now, the downward trend of BTC and ETH's hourly charts still exists, but it is not ruled out that they will break upward during today's trading. In the early stage of the signal, there will be repeated fluctuations, which requires patience.
The positions of the lifelines of each cycle have changed today. It has been announced in the group. Please contact us if you need any information.
Message: Life is not only about the joy of smooth sailing, but also about the excitement of overcoming difficulties after suffering.
