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4.7 Bitcoin and Altcoin Analysis and Trading Recommendations
Bitcoin (Big Coin) intraday correction of 2.43%, quote at 68,096. After a short-term dip, there is still potential for further adjustment. The overall structure is a weak decline from a high level. Support levels below have not fully stabilized, and the rebound strength is limited. The short-term trend is dominated by bears. Altcoin (Second Coin) also experienced a deep correction of 4.01%, with a quote at 2,076.72. It shows a very strong correlation with Bitcoin, with a larger decline than Bitcoin, indicating more obvious weakness. After facing resistance during the rebound, the probability of continuing downward is higher.
Trading Recommendations
BTC (Big Coin)
Rebound in the 68,600-68,800 range faces resistance. Consider short positions with targets at 67,500-67,000.
ETH (Altcoin)
Rebound in the 2,100-2,120 range faces resistance. Consider short positions with targets at 2,030-2,000.