Bitcoin rebounded after hitting a bottom around 91,800 yesterday, rising to near 93,000 before stabilizing. This morning, it retreated back above 92,000, and the bullish momentum has clearly weakened.
From the 4-hour candlestick chart, this rebound was suppressed around the 94,200-94,500 range—this level is not only the key 0.618 Fibonacci retracement point but also an area of previous high-density peaks. More notably, a double top pattern has already emerged on the chart. The Bollinger Bands are beginning to contract, with the price trapped below the middle band and facing downward pressure, while the MACD indicator has formed a death cross and a green histogram, indicating a clear bearish signal.
Based on the above technical analysis, it is considered that a rebound to 93,500-94,000 is a good shorting opportunity, with the initial target below at 92,500-91,000. Ethereum's situation is similar; a rebound to 3,325-3,350 can be considered for short positions, with targets at 3,250-3,200.
It is crucial to strictly control stop-losses during trading. These suggestions are for reference only.
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MemeTokenGenius
· 16h ago
You're starting to talk about double tops again. How many times do I have to hear this explanation?
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MysteryBoxOpener
· 16h ago
As soon as the double top appears, I know it's not a good sign. Is it going to be emptied again?
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TokenSherpa
· 16h ago
tbh the double top formation here is textbook, if you actually examine the 4hr candles closely you'd see the rejection at 94.2k was inevitable. historically speaking every time we've hit that .618 fib level it's been a reversal point so... yeah the short setup tracks. MACD dead cross doesn't lie. anyway gl to whoever's catching this falling knife lol
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Blockwatcher9000
· 16h ago
Is a double top forming? I knew this rebound wouldn't last, I should have been bearish from the start.
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GasFeeVictim
· 16h ago
Is it going to drop again? I'll go all-in on the long position and consider it as paying tuition fees, haha.
Bitcoin rebounded after hitting a bottom around 91,800 yesterday, rising to near 93,000 before stabilizing. This morning, it retreated back above 92,000, and the bullish momentum has clearly weakened.
From the 4-hour candlestick chart, this rebound was suppressed around the 94,200-94,500 range—this level is not only the key 0.618 Fibonacci retracement point but also an area of previous high-density peaks. More notably, a double top pattern has already emerged on the chart. The Bollinger Bands are beginning to contract, with the price trapped below the middle band and facing downward pressure, while the MACD indicator has formed a death cross and a green histogram, indicating a clear bearish signal.
Based on the above technical analysis, it is considered that a rebound to 93,500-94,000 is a good shorting opportunity, with the initial target below at 92,500-91,000. Ethereum's situation is similar; a rebound to 3,325-3,350 can be considered for short positions, with targets at 3,250-3,200.
It is crucial to strictly control stop-losses during trading. These suggestions are for reference only.