Market Analysis
BTC closed bearish on the daily chart yesterday at 85,572. After the rebound, it has entered a box-range consolidation, considered a retracement and accumulation phase following the uptrend.
Short-term resistance: 88,950-89,300, which is the key watershed of this rebound. Only a solid breakthrough will open up further upside potential.
Support: 84,300-82,600, the lower edge of the range;
If the price fails to break through the 88,950-89,300 resistance in the short term, the market will continue to retest the 84,300 support; as long as 82,600 holds, overall the box-range consolidation will continue while awaiting direction. A valid break below this level will lead to further downside.
Strategy
Buy near pullbacks to 84,300-84,800, set stop loss at 83,500, target 86,500-87,300, and if it breaks through, look towards 88,950-89,300;
If the price rebounds to 88,950-89,300 and faces resistance, a light short position can be considered, with stop loss at 90,500, targeting the 86,000-87,000 region. If it breaks down, target the 84,500-85,000 zone.
ETH also closed bearish on the daily, currently oscillating and forming a bottom between 2,634-2,823, running along the Fibonacci support.
The key short-term support is 2,634 and short-term resistance at 2,823, which are important levels today.
If 2,823 is breached, the next target is 3,065-3,100, and the bullish structure remains; if 2,634 is effectively lost, this rebound structure breaks down and the market turns weak again.
Strategy
Buy near pullbacks to 2,670-2,700, set stop loss at 2,634, with an initial target at 2,830-2,880. If it breaks through, aim for 3,010-3,065;
If there is resistance near 3,065 after a rebound, a correction can be anticipated, with stop loss at 3,100 and target at 2,823-2,880. Pay close attention to the 2,823 support. If it holds, maintain bullish rebound expectations.
