Expectations of trading recession weakened, is the market rebound imminent?
The point was slightly adjusted, and the range rebound is still continuing. The price has temporarily returned to the safe zone. The risk of falling is smaller, but the strength of the rebound is still a little short of the fire.
We updated the daily point and made some small changes to the daily range. Now, BTC has completely returned to the lower track range of the weekly and daily lines, while ETH has only returned to the daily line, and it will take more effort to return to the weekly line. This means that the risk of falling in the short term has been reduced.
As mentioned before, after the price returns to the operating cycle range, we are optimistic about the continued rebound. Now, BTC's 1-hour Bollinger Band price is close to the upper line. Although the intraday Asian session breakthrough is a bit weak, it is still stable overall. The price at the 1-hour level did not fall below the middle line to the lower track. The small-level bulls are still optimistic, and the price has stabilized on the upper track of the 4-hour line.
The price is expected to continue to rebound, but attention should be paid to the resistance near 57,800 yuan in the 4-hour line and 59,000 yuan in the daily line. The current market sentiment is like this, and the rebound breakthrough is not achieved overnight. The key position may be pulled back, so we have to observe closely.
The RSI indicator shows that the sentiment index has risen to 38, which is a relatively neutral value and has little impact.
In contrast, ETH's trend is weaker. Now we have to pay attention to the breakthrough near 2,600 yuan, which is the regression line of the weekly range. If it breaks through, we can see the situation near 2,690 yuan and 2,880 yuan in the short term.
However, ETH's RSI index has been maintained near the oversold value of 26, but the market increase is weak, indicating that the market sentiment is indeed poor.
In general, the current risk of price decline has been reduced, but the rise still requires sufficient liquidity and market sentiment support. Now the momentum for the rise in the Asian session is insufficient, and it is more about maintaining stability. The focus is still on the sentiment of US traders. If there is no sufficient bullish sentiment and active buying behavior in the subsequent market, the price rebound may still face the threat of selling pressure when it reaches the key position. However, we are still optimistic about the continuation of the rebound.
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