#BTC 4.7 Tuesday Morning Bitcoin and Ethereum Latest Analysis and Outlook

Market behavior has never punished patience; it only penalizes impulsiveness and luck. In the early hours, Bitcoin experienced a typical false breakout followed by an accelerated downward move, perfectly aligning with the previous bearish outlook. After reaching around 70,320 points, Bitcoin quickly stalled and failed to hold above the key level of 70,300. It then began a stepwise decline, first dropping from 70,320 to 69,200, then a brief rebound to 70,000 for a second test of resistance that failed. Subsequently, it volume-driven sharp decline brought the price down to around 68,500, completely invalidating the bullish attack and dominated by the bears. The short position strategy I laid out in the early morning was spot on—take it, take it.

Based on the current market, the 70,320 level has formed a short-term double-top pattern, and the neckline at 69,000 has been effectively broken by a bearish candle, confirming the top formation. The downside space for the bears has further opened. The four-hour moving average system shows a bearish alignment, and the MACD indicator has shown an initial death cross at high levels, with bearish momentum continuing to release. The short-term trend has fully shifted to bearish. The hourly chart displays a clear pattern of decreasing highs and lower lows, indicating weakness. The rebound highs are sequentially at 70,320 and 70,000, while the lows have moved down from 69,200 to 68,500. Meanwhile, the RSI is below 40, indicating weak rebound momentum, and bulls have no power to counterattack.

Tuesday Morning, 4.7
BTC: Short around 68,800, target 67,500
ETH: Short around 2,130, target 2,050