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Saturday morning market scan: Analysis of BTC and ETH trends
Bitcoin started adjusting from a high of $97094 last night. The price fluctuated downward, hitting a low of 93955. Ethereum also faced pressure, dropping from 3244 to around 3088, clearly following the downward trend.
From a technical perspective, the four-hour chart shows two consecutive bearish candles. The bearish pressure in this wave is considerable - the price repeatedly tests the lower support, with lower lows being broken step by step. The three bands of the Bollinger Bands are all trending downward, and the bulls have not yet found a point to counterattack. The weak pattern remains unchanged in the short term.
Based on the current structure, the trading strategy this morning is defensive:
BTC reference level: Consider placing short positions in the range of 95500-96000, with a target looking towards 94000-93500.
ETH reference level: 3160-3180 is the resistance zone, similarly can operate with a bearish bias, focus on the lower range of 3080-3050.
$BTC $ETH