4.6 Afternoon Market Analysis

Bitcoin and Ethereum traded sideways over the weekend, then surged again in the early session, reaching highs around 69,600 and 2,134 respectively. The overall rally was relatively significant. However, the market faced resistance near previous daily high points at 69,500 to 70,000 and around 2,150 to 2,170, leading to a pullback. The short-term upward movement was driven by news sentiment, but there are no substantial positive fundamentals. The trend still suggests a pattern of rising and falling. The 4-hour candlestick chart shows two recent large bullish candles accompanied by heavy volume, indicating strong bullish momentum. However, resistance remains at the daily high of 2,167 and the round number 70,000. There has been some rebound, but the market has not broken out of the oscillation pattern.

From a technical perspective, the daily chart shows the price moving within a descending wedge or bottom convergence pattern. The MACD histogram shows signs of shrinking, and the RSI has rebounded from oversold levels to around 40, indicating potential for a corrective rebound. The daily candles show the price has recovered some of its losses but remains below the 20-day moving average, which continues to act as resistance. The MACD histogram is still expanding in the red, with the DIF crossing above DEA to form a golden cross, but volume is insufficient, suggesting a rebound rather than a reversal. The 4-hour candles are in a narrow range of consolidation.

Trading suggestions: Short Bitcoin near 69,000 to 69,500 with targets around 66,000 to 67,000; short Ethereum near 2,120 to 2,140 with targets around 2,000 to 2,050. #Gate广场四月发帖挑战 #加密市场行情震荡 $BTC ‌$ETH ‌