The market will never keep falling, nor will it keep rising. Currently, the market is in a news vacuum. Although the Ethereum ETF has not yet been launched, the SOL ETF approval is also pending, and there is no clear timetable for the US interest rate cut plan, the market seems to be gaining momentum.

Exchange: eth6161

Everyone is looking forward to the rise, and as long as there is good news, the market may be ignited. I think the market will maintain a volatile trend, and Bitcoin will not reach $70,000 in the short term, but will fluctuate between $60,000 and $70,000.

Bitcoin Analysis

At the 1-hour and 2-hour levels, Bitcoin began to pull back, and the 4-hour level showed a sideways state. Today, we need to pay attention to the support level of Bitcoin in the range of 62660-61900. As long as it does not fall below 62660, the 4-hour level is still in a bull market, and the market is likely to continue to rise. The upper target and resistance levels need to pay attention to 63365, 63800 and 64400. If it does not fall below the second support level of 61900 today, the daily level is still in a rebound market, and it is very likely to rise. If it falls below this position, the daily rebound fails and the market turns bearish. Pay attention to the support levels below 60960 and 60200.

Ethereum Analysis

On the 1-hour chart of Ethereum, the K-line surged to 3525 in the morning and then fell back to the EMA30 support, forming a U-shaped secondary peak. It is necessary to pay attention to whether the secondary peak can be broken through. The MACD indicator shows that the DIF forms a golden cross at a high level. There is no need to worry too much. After the golden cross is formed at a high level, the upward space is limited. Those who have already shorted lightly can cover their positions at this position, and those who have not entered the market can arrange light short orders here.

On the 4-hour chart, the K-line broke through the top EMA200 and then pulled back to the EMA80 position. The current market is trying to stabilize the EMA200 again, and the pressure is at 3530-3550. The volume above the 0 axis in MACD is not strong, and DIF and DEA are closing above the 0 axis.

Recommendations

During the day, we need to pay attention to whether Bitcoin can withstand the downward pressure at EMA150 and the pullback pressure level, and observe the performance of Ethereum. Although the 4-hour chart shows that Ethereum is strong, the general trend still depends on Bitcoin, and the short-selling force is still there, so you need to be prepared when entering the market. In summary, Bitcoin may be under pressure and retreat again in the short term, and the high-altitude strategy should be maintained in operation. It is recommended to pay attention to whether Bitcoin's 4-hour K-line can stand firmly at EMA120, and then see whether the EMA150 position can be reached. You can refer to Ethereum's short-selling and covering opportunities, and do not blindly chase long positions. The current risk of long positions being trapped is greater than that of short positions. It is prudent to short 3% in the 3490-3520 range and cover 6% in the 3610-3630 range, with a stop loss of 3650 and profit targets of 3450, 3400, and 3355.

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