From the market perspective, we are currently in a peak high situation. Even if there is a temporary stabilization in the short cycle, it will only result in a small rebound, and the market remains in a high position. The key focus now is whether Bitcoin (BTC) can break below $92,000. If it breaks below $92,000, we will continue to be bearish! If the double bottom at $92,200 to $92,400 stabilizes, a rebound can be expected! Currently, the rebound lacks strength, making it difficult to determine how far it can go. The temporary upper pressure levels are $96,500, $97,400, and $98,200. If these three pressure levels are successfully broken, we can look towards $99,200 to $99,400. If it breaks below $92,000, then targets are $88,000 and $85,000. Overall, the recent trend still belongs to the bearish market. Nevertheless, remain cautious when shorting!
Ethereum (ETH) has also shown a double top signal, with the neck line between $3,470 and $3,555. First, we will see if this rebound can break through this range. If it cannot break through, we will remain bearish; if it breaks $3,555, we will continue to be bullish towards around $4,000.
The above market analysis is for reference only! I hope it helps you!
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