9.8 BTC's key support level is in jeopardy, how to layout?
Currently, the prices of BTC and ETH are both fluctuating in the downward channel, close to the key support level. BTC fell back and hovered around 54,000, ETH is close to the support of 2250, and the narrowing of the Bollinger Bands indicates that volatility is about to increase. The intensified long-short game and the increase in trading volume are potential signals of a change in the market.
BTC is hovering near the lower edge of a downward channel. The upper pressure level is around 59,500, and the lower support level is around 53,500. If the price falls below this support level, it may further fall to around 48,000. The current price is running below the middle track of the Bollinger Bands, which means that the short-term trend is weak. The ETH price is still fluctuating in the downward channel and is tested again near the previous support level of 2150. The main upper pressure level is around 2500.
The Bollinger Bands show that the ETH price has approached the lower track and the volatility has also converged. ETH's trading volume continues to remain low, indicating that the market's wait-and-see sentiment is still strong, but there may be long forces involved near the support level. Structurally, I tend to take the recovery route first, so for the subsequent layout, you can rely on short-term support to carry out long orders. If the recent market operation is not ideal, consult btc0796 and find me to discuss the market.
Bitcoin retracement: 53500-54000 long, target 55000-56000, defense 53000
Ether retracement: 2240-2270 long, target 2340-2410, defense 2210
