Today is Wednesday, and the market correction continues to extend downward, with prices once again setting new lows for this round of pullback. Although from a cyclical perspective the daily adjustment is not yet fully in place, at the current pace, this round of daily-level pullback is likely to gradually complete this week.
The biggest current risk is the potential for a bears’ acceleration in the next few days.
A high-level death cross has already formed on the daily chart. When such a significant signal appears, it is unrealistic to expect an immediate V-shaped reversal. Even if a rebound occurs during trading, it should be defined more as a technical correction during a decline rather than a resumption of an uptrend.
However, support at the 12-hour level below has already entered an important zone, so the market does not have the conditions for a straight-line decline, and short-term rebound demand still exists.
Last night's rapid drop was influenced by geopolitical news, but it did not completely break the previous upward structure. What really needs attention is that every rebound high point has recently been lower than the last and the strength of correction is weakening, indicating that bears are gradually gaining control.
Therefore, the current rhythm is clear:
Before bears’ acceleration, low entries should only be for short-term corrections, not for long-term positions. After rebounds end, keep focusing mainly on short entries. When the daily chart finishes the acceleration adjustment, then look for large-scale long opportunities again.
₿ Bitcoin (BTC)
View: Focus mainly on short entries, supplement with low entries; pay close attention to possible bearish acceleration before Friday.
After BTC’s decline yesterday, it saw a correction, but today new pullback lows were set. The price is getting closer to the 75,000 key region, while highs keep getting lower, so a weak short-term structure is already pretty clear.
However, the 12-hour support below is at work, so it's not appropriate to expect the price to drop sharply straight to the bottom. The more likely rhythm is still:
Decline → Correction → Rebound faces resistance → Another test of support to the downside.
The daily chart is still obviously in a bearish cycle, especially before Friday, when caution is needed for possible accelerated drops as multiple cycles could resonate.
On the other hand, once this round of acceleration is truly complete and the daily correction is fully released, the market may instead enter a phase with better value for more long positions.
So at this stage, do not chase shorts or build large long positions. Wait for both rebound resistance and sharp-fall support areas.
Support: 76,000-76,400, 75,000-75,500
Resistance: 77,800-78,200, 78,500-79,000
⟠ Ethereum (ETH)
View: Focus mainly on short entries, supplement with low entries. After the correction ends, keep focusing on bearish opportunities.
ETH is even weaker at the moment.
The 2,400 level, previously seen as a key support for bulls, has been repeatedly broken. While today the price was repaired back to above 2,400, the repeated breaches already show that the strength of this support is weakening.
In terms of cycles, the daily bearish acceleration is not yet complete, so the current rise should still be prioritized as a technical correction.
There is a short-term (1-hour) need for continued rebound, so during the day the correction momentum may continue; but once the 1-hour cycle correction is over, the 2,440—2,500 region above will pose significant resistance and short opportunities should be closely watched.
The real bull-bear tug-of-war is more worthy of observation during tonight’s European and US trading sessions.
Currently, ETH faces multiple layers of resistance above. If none of the rebounds can break the previous high, the bearish structure will be further reinforced.
Support: 2,380-2,400, 2,350
Resistance: 2,440-2,460, 2,480-2,500, 2,520
