12.11 BTC, ETH Evening Analysis: Where to Look for the Rebound?
In the first phase of the decline, Bitcoin and Ethereum have bottomed out. In yesterday's post, a short position was opened at 95000, and friends who opened short near the resistance above have at least gained 3000 points. Interested friends can check it out. Next, the market will experience a rebound, and the technical indicators for the day are all bullish. The previous trend chart has already broken through, and we are looking at the key resistance level around 3840 for the rebound. This position is an important resistance line on the weekly chart. Once it breaks above, the market will continue its bullish trend, so pay close attention!
From the 4-hour chart of ETH: Before the new trend chart forms, we should open positions based on support and resistance. Looking at the chart, it is clear that the resistance line and trend line intersect at 3835, which coincides with the Fibonacci three-line crossover point. The previous two times of rise or fall have formed effective breaks and stabilized here. As long as it breaks upward, we are bullish; downward, we are bearish. The lowest support level downwards is at 3550, and it has rebounded after being tested twice in the last two days. 3550 is the watershed position for the market, which may break down to reach the daily life line at 3380, or it may rebound upwards to continue testing resistance, generally not exceeding five rebounds.
ETH Evening Strategy: Go long at 3655-3670, target at 3760! (Look for a break at 3835)
