10.22 BTC, ETH Evening Analysis: Valuable Insights, Bearish Trend Has Initially Formed
Bitcoin's performance last night was very much in line with expectations. The technical indicators showed a 4-hour divergence, and the overall direction is bearish. For those who have followed my analysis, as long as you're aligned with the main trend, there is room for profit. After a brief correction during the day, Bitcoin started to weakly oscillate downwards. It's clear that the downward space has not been fully released; the next move is to short on any rebound.
From the 4-hour chart of BTC: All accompanying indicators are pointing down, especially the RSI below 50. Since the RSI has mostly been above 50 recently, this downward movement is rare, so it’s advisable to short at highs. Combined with the Fibonacci levels and the 1-hour trend chart, it becomes very clear that the lower support intersects at 64233, particularly as the hourly trend is shifting downwards, forming a lower low structure. This indicates that the overall direction tonight is bearish, and the highest point for the defense shift is at the 4-hour lifeline of 67800. When it hits the upper high, it will likely pull back down, which is also a suitable shorting point!
BTC Evening Strategy: Short between 67600-68000, targeting around 64230!
ETH Evening Strategy: Short between 2635-2650, targeting around 2520!
