Pay attention to the BTC/ETH market situation:
Bitcoin: Long-short game on the upper track of the daily Bollinger Band.
Although Bitcoin continues to fall slowly in the short term and falls below the key position of the monthly line near 68,800 again, it is still running on the upper track of the daily Bollinger Band. In addition, the frequent long-short game near the key position of the monthly line has also caused an increase in turnover. Although the price has fallen, it has consolidated the current chip stability in this area.
The midline of the daily Bollinger Band is 66,500. This technical support has experienced 9 days of high-level fluctuations in Bitcoin and successfully moved up from 63,000 to the current position. The upward support is equivalent to more effectively reducing the lower limit of short-term decline. The market is currently waiting for the guidance of Friday's PCE data. As long as the price stabilizes on the upper track of the daily Bollinger Band before the data is released on Friday, if the data is positive or not so negative, the short-term Bitcoin price will rebound.
The RSI index fell back to around 50. Similarly, the index continued to fall to around 30. If the data on Friday is not negative, it will definitely help the short-term price support to stabilize and rebound.
Ethereum: The price fell back, and it is still strong above the monthly line.
It is also falling, but because the sentiment of ETH has been squeezed for too long before, combined with the preliminary review of ETF, ETH has risen sharply in the short term, although the decline is still above the monthly support.
Similarly, the short-term rise also leads to a large interval between the support for the decline. If it falls again, the volatility risk below is relatively large. The current effective support can be directly seen near the monthly line 3560 (note that this position is gradually moving down), which is the same as Bitcoin. Under the guidance of Friday's data, if this position is not broken, the sentiment will still improve, unless PCE is bad.
The RSI index fell back to around 60. When Ethereum hit around 4000 before, we said that the RSI index remained above 70 for a long time, even around 88, and there was a risk of falling. At present, the index has fallen back, but the sentiment is still optimistic and bullish.
The above views only indicate the risk of falling, and cannot be used as a basis for shorting contracts. Please make reasonable judgments. After all, before the release of Friday's data, there is no clear direct negative factor affecting the market. The current decline is basically caused by the low sentiment of the risk market.
We will follow the market data later.
