The cryptocurrency market has experienced a correction for two consecutive days. Yesterday, market sentiment was also affected by the weakness in global stock markets, putting pressure on risk assets overall, and ETH also saw a correction. However, from a broader perspective, the bullish structure on the weekly and monthly charts has not changed, and this round of correction leans more towards a normal repair process during the upward movement.
Currently, although the weekly chart shows a rise and fall, this week's market has not yet ended, and the weekend days remain an important time window for determining the weekly K shape.
It is worth noting that the past four consecutive Saturdays have shown a one-sided upward market. The main reason is that the participation of institutional funds decreases during the weekend, leading to relatively limited market selling pressure, allowing the main players to more easily push prices up taking advantage of low liquidity.
However, unlike before, this week the upper pressure on the market has significantly increased, with profit-taking from the consecutive rises beginning to accumulate, and the current technical formation does not fully meet the conditions to replicate the previous one-sided upward trend. Therefore, even if the main players still intend to leverage the low weekend liquidity to push prices up, the market is more likely to conduct range fluctuations for chip exchange, rather than directly breaking through new highs.
Moreover, last week's market has basically digested the positive effect of the CPI, while the recent hawkish statements from the Federal Reserve have raised the market's cautious expectations for future rate policies, resulting in overall weaker performance of risk assets.
₿ Bitcoin (BTC)
View: Range fluctuations, buy low and sell high, pay attention to the repair strength on the 4-hour chart.
After two consecutive days of adjustment, the market completed technical repairs on the 1-hour and 2-hour levels last night, with short-term rebound space having some consumption already.
From the current view:
1-hour and 2-hour charts have recovered to relatively high positions;
4-hour and 6-hour charts still retain certain repair expectations, and there is still the possibility of short-term fluctuations.
From the daily structure, yesterday showed a long lower shadow bullish line, essentially recovering the entity's drop, indicating that the buying power at lower levels is still strong, and the enthusiasm for buying at the bottom has not significantly weakened.
Although BTC has shown weaker overall performance compared to some major coins in this cycle, it also means that its correction range is relatively limited. As long as the key support is not effectively broken, the mid-term repair structure remains intact.
Therefore, it is currently more suitable to adopt a range trading approach:
Near the resistance area, pay attention to profit-taking pressure after rising;
On rebounds to support areas, look for buying opportunities.
Without a significant volume breakthrough, it is not recommended to blindly chase highs or lows; patiently waiting for trading opportunities at the edges of the range is often more advantageous than frequent operations in the middle position.
Key Position Reference
Support: 63500-63800-62500
Resistance: 64350-64700-65000
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This article is originally published by 【Huiying Community】 and only represents personal views. Due to certain delays in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate cautiously.
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