BTC/ETH market analysis: Technical "death cross" is formed, can PCE reverse the decline on Friday?

Let's take a quick look at the market before going to bed. Bitcoin and Ethereum have basically maintained the 1-hour Bollinger Band range oscillation since yesterday's rebound.

After a day of oscillation, Bitcoin and Ethereum did not successfully break through the 4-hour Bollinger Band midline position, indicating that the bullish sentiment today has obviously weakened, and the local rebound may only be a technical rebound and oscillation trend.

BTC: Resistance 61,800, which is also the 4-hour midline. If it breaks through and stands firm, it means that the bullish sentiment is gradually erupting, otherwise the bulls continue to weaken. The support below is still the 60,000 and 58,000-57,000 range of yesterday.

The Bitcoin daily Bollinger Band midline is also the MA20 daily line, which has successfully crossed the MA50 MA120 daily line. The technical side has formed the so-called "death cross". Although it cannot be directly determined as a bearish signal, the overall trend has shown a clear downward trend.

ETH: Resistance 3380, also the middle line of the 4-hour Bollinger Band. If the small-level resistance cannot be broken, it means that the rebound breakthrough is a technical false breakthrough. The lower support continues to use the previous 3270 support level.

Ethereum's recent trend is much better than Bitcoin. Although the technical trend is also in a downward trend, it has not triggered a technical dead cross like Bitcoin. However, if the technical repair cannot be triggered in the short term, then the formation of a dead cross may only be a matter of time.

At present, the overall market is still continuing to fall in a shock rebound. Many people say that 60,000 is the iron bottom. I neither agree nor disagree with this view, but if the PCE sentiment cannot save the market sentiment this Friday, according to my expectations, the market sentiment will decline, the enthusiasm of funds will weaken, and the overall downward trend of the technical side will still not look good. At present, the market still depends on the face of the macro sentiment.

PS: The technical dead cross mentioned in the article is just a simple identification signal, and it cannot be completely used as an indicator of bullishness or bearishness. It can only be said that once a dead cross is formed, if the market sentiment does not cooperate, the possibility of continued decline is high. Of course, there have been many cases of death cross market reversals in historical trends, so this is only for reference and not as a bearish criterion. $BTC