BTC ETH market tracking
There was a rebound over the weekend, the rebound was relatively small, but the level was at the four-hour level. After a small-level selling point was made last night, it fell down and is currently falling for 30 minutes.
Weekly level
A new week has begun. I tracked the weekly level last week. It was probably said at the time that this week (now) would not return to 68,000, which would be conducive to the formation of a weekly dead cross.
Currently, MA5 is downward, MA34 is upward, and MACD has already formed a dead cross. So if the weekly K continues to fall this week and MA5 continues to move downward, the weekly dead cross will definitely form.
Here, the weekly MA34 is difficult to change in the short term and will continue to move upward. The way the weekly dead cross is formed can refer to the yellow circle in the previous figure, and an expectation can be formed first.
Daily level
It can be clearly seen from the daily chart that the daily MA5 is flat, MA34↓, MA170↓, and the daily closing price here is only 59480, which will always be the daily downward trend. This view is valid this week, so as long as the daily closing price is greater than 59480 this week, stop shorting and wait and see.
Four-hour level
The four-hour moving average arrangement of ETH and BTC is almost the same, so look at them together. MA34 is slightly downward, MA5 is also downward, and the area around the moving average is also decreasing (more obvious for ETH). If the market starts to move downward during the day today, there will be a new 4-hour decline.
As a new position, you can look for opportunities at a smaller level.
One-hour level
There are no valuable entry points at other levels. Only the ETH one-hour chart has a moving average arrangement that is about to form a short structure. As long as it falls in the next hour, MA170 will go down, MA34 will also go down, and MA5 will also cross MA34 downward.
So for new positions, look at the one-hour K-line. If MA5 crosses MA34 in ETH and opens a position, this is the time to open a position, and you can also open BTC. No matter when you open, stop loss at the recent high of 2646 in the one-hour.
In summary
If the weekly line falls this week, it will form a weekly dead cross, which is more critical.
After the weak rebound in 4 hours, there will be a new opportunity for a four-hour decline.
If the current four-hour decline is not strong enough, this week may be a four-hour bottom oscillation. The trading level will only be suitable for ultra-short-term trading. Pay attention to adjusting expectations.
