Saturday Morning Bitcoin and Ethereum Market Analysis

As mentioned during yesterday's online discussion, there will be a downward move in the evening, and after a rebound, the market is expected to fall again relying on key support levels. The market has indeed played out according to this idea. For those looking to bottom fish, feel free to leave a message below and share your insights.

Looking at Bitcoin's current performance, the price is fluctuating around 90,400. After the release of the US non-farm payroll data, there was a sharp spike, but the increase was not as strong as expected, and it immediately followed with a decline. From an hourly chart perspective, the price is being suppressed below by all moving averages from EMA5 to EMA250, with selling pressure regaining control.

Regarding MACD, the red histogram is expanding, the DIF line (-98) has already fallen below the DEA line (-63), and the histogram shows a negative value of -70. A death cross is forming, indicating considerable bearish momentum. The Bollinger Bands are positioned between the middle and lower bands. Although there is still room to move downward, it hasn't reached an oversold level that would be particularly dangerous, suggesting that further decline is possible.

The RSI indicator is relatively neutral to weak, with both lines hovering between 43 and 38. There is still some distance from the oversold level (30), implying that the downward momentum may start to weaken, and the price could test yesterday's lows. The KDJ lines have already formed a death cross downward, with K at 33 below D at 42, and J at 13, all in the low range. Short-term bearishness is dominant, but it is approaching oversold territory. Be cautious of rebounds when chasing shorts.

Trading Strategy:
Short Bitcoin in the 90600-91200 range, target 89500
Short Ethereum in the 3090-3110 range, target 3030