24/06/19BTC 4-hour descending wedge, ETH returns to the short-term bottom, short-term cautious and look for a rebound
Last night, there was a reminder that the 4-hour oscillation around 65,000 showed a descending wedge twice in 4 hours. There is hope for a short-term rebound around 63,000-64,000. At the same time, the weekly MA20 support was tested here. The entire rebound from 1.54 to 73,777 (then all calculated as 74,000) only effectively fell below the weekly MA20 once.
The weekly MA60 has not been broken once, so the weekly MA20 is also very critical. If it can be held, there is a chance to continue to rebound. If it cannot be held, the extreme market will fall to MA60 (43000), which is an opportunity for medium and long-term layout. Of course, 60000 and 56552 are also opportunities for batch layout.
Flatbread
Someone asked if the market is turning bearish?
The risks of the large-cycle monthly and weekly lines have not been eliminated ⚠️ As I have reminded before, the daily line has moved out of the downward channel and broken through MA60 and MA120. Many people regard MA120 as the dividing line between the bull and bear markets. In fact, from the daily line, it has been broken, but from the perspective of the upward trend of the weekly and monthly lines, it cannot be counted. According to my investment logic, time, space and narrative, it is still a bull market. It’s just that this is a crappy time in the bull market when it faces a relatively large correction or shock.
The 4-hour chart shows a descending wedge, and it is a descending wedge that fell from 70,000. The price line rushed back to 65,000 again. If it can hold 65,000 and MA120 in the next few days, it is actually a good thing. In the short term, there will be a rebound. Those who shorted should pay attention, and don't chase the rebound.
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ether
In fact, Ethereum has a greater demand for a rebound. On the news front, the potential ETF No. 2 passed the spot at 7 o'clock, and tested the 3431 support 5 times on the disk. The daily line also fell back to MA120 and MA60 and rebounded. At present, we can see that the box-shaped oscillation pressure is 3678. This pressure point is often mentioned in our analysis. In the short term, we can only sell high and buy low. If Bitcoin can return to MA120 in the next few days, there will be a chance of a rebound, so short selling here needs to be cautious and pay attention to the strength of the rebound.
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