The current market has slightly warmed up, but the rebound is not a reversal. This rebound is just a normal adjustment after a sharp drop. BTC reached a high of around 88,100 at midnight, then fell under pressure and quickly dropped to around 86,000.
Looking at the 4-hour chart, the Bollinger Bands are contracting downward. In the short term, BTC has been steadily rising with small green candles. Although the price has been recovering since hitting the support, it still cannot change the overall downward trend, so the strategy should be to follow the trend and go short at highs.
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11.24 Chuze Morning Analysis
The current market has slightly warmed up, but the rebound is not a reversal. This rebound is just a normal adjustment after a sharp drop. BTC reached a high of around 88,100 at midnight, then fell under pressure and quickly dropped to around 86,000.
Looking at the 4-hour chart, the Bollinger Bands are contracting downward. In the short term, BTC has been steadily rising with small green candles. Although the price has been recovering since hitting the support, it still cannot change the overall downward trend, so the strategy should be to follow the trend and go short at highs.
BTC: 87,500-88,500 short, target 83,000-84,000
ETH: 2,830-2,900 short, target 2,600-2,700
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