Pay attention to the short-term pullback risk of Bitcoin and Ethereum.

CN
13 hours ago

Bitcoin experienced a significant increase in bullish momentum yesterday following the non-farm payroll data. As we mentioned, the upward movement showed clear signs of insufficient bullish strength, and the subsequent pullback after the small rise is also indicative of this trend.

Currently, the 4-hour chart has formed a bearish engulfing candle or an entity bearish line at the neckline level. In the short term, there is still a risk of a pullback.

We need to be cautious about this pullback. We should pay attention to the range of 95,000-96,000, which is also where the neckline was previously broken. Additionally, we need to monitor the resistance in the range of 93,000-94,000, and finally, we should keep an eye on the support level at 91,500. For the short term, these are the key points to focus on. Bitcoin is still expected to confirm a pullback before pushing upwards towards the breakthrough of the significant level of 98,000-100,000, as 100,000 remains a strong resistance level. Therefore, we need to watch for a breakthrough at this point.

There haven't been any major changes in Bitcoin; we just need to be aware of the risk of a pullback in the short term.

Ethereum, in comparison to Bitcoin, is showing a clear weakness. Although it is still expected to reach new highs, the closing entity has already moved downwards.

From the perspective of this entity, it still belongs to a range of consolidation and fluctuation, which seems more like a false breakout.

Currently, after the non-farm data last night, there was a spike followed by a continued pullback, and there is still a risk of a pullback in the short term.

A strong support point below is the range of 1810 to 1,800, which is our primary focus. Next, we should pay attention to the position at 1750. This position is also where the small double bottom is retested. Ultimately, we need to observe the support situation at this point. If this point breaks, the short-term financial management may need to continue downward. If 1720 cannot be broken, after the pullback ends, it will further accumulate strength and move upwards.

From the short-term perspective of Ethereum, we should still focus on the range of 1880 to 1,900 above.

Additionally, the point of 1960 to 2,000 remains unchanged.

We have emphasized these points multiple times. This is the market analysis for Bitcoin and Ethereum today.

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