In the first half of the month, Bitcoin skyrocketed, crushing the bears. This week it plummeted rapidly, dropping to around 92600, which may be due to a sudden shift in the market's bullish and bearish forces. Just when everyone expected the price to break through 100000, it quickly retraced. Such significant fluctuations are used to 'wash out' the market, shaking out some investors with weak positions, thus freeing up space for future price movements.
From the 4-hour level, the price is running along the lower Bollinger Band and the band is opening downwards, which often indicates that the current short-term trend is bearish, and there is pressure for the price to continue descending. Moreover, the retracement space is still moving downwards, suggesting that it might move to even lower levels in the future. Looking at the daily K-line, the price running along the middle to upper Bollinger Band indicates that over a slightly longer time frame, the previous price was in a relatively high range. The KDJ indicator has formed a dead cross pointing down, which is a bearish signal. Therefore, overall, we first look at the middle band support for the day, meaning if the price continues to decline and reaches the middle band position of the daily Bollinger Band, it might receive some support or show new changes.
Short Bitcoin around 950-953 with a target of 945-940.
Short Ethereum around 346-348 with a target of 341-337.
