After two consecutive bearish candles on the daily chart, the market pattern has quietly changed. Yesterday's ADP employment data only provided a brief boost; the bullish support level is easily trapped. From a technical perspective, Bitcoin has formed an M-top pattern on the 4-hour and hourly charts, with the neckline resistance around 91,400. If it continues to break downward, the lower target is expected to be around 88,500. Ethereum follows a similar pattern, with the neckline at 3,180, and the corresponding lower target at 3,050.
Yesterday, there was no breakout after consolidation at high levels; instead, a large bearish candle led to a direct correction. Currently, Bitcoin is also consolidating with decreasing volume at high levels. Interestingly, after the open yesterday, the price did not follow through with an upward attack but moved quite independently, which is a concerning signal. Today, unemployment data will be released, and tomorrow the non-farm payrolls report will be announced. These two economic events could cause volatility.
The short-term strategy is as follows: first, look for a rebound; after the rebound reaches a certain level, consider shorting. That’s the basic script.
**Bitcoin trading reference:** Consider going long in the 91,500-91,000 range; there’s also a chance around 90,500. The key resistance is at 93,000-94,000, with a stop-loss below 90,000.
**Ethereum trading reference:** Go long around 3,150; add to positions near 3,120. Targets are 3,180-3,220; if momentum is strong, aim for 3,250. Stop-loss below 3,100.
**Shorting strategy:** Short around 92,200 for Bitcoin; add to short positions at 92,800, targeting 90,500, with potential to continue down to 88,500 if momentum persists. For Ethereum, short around 3,220-3,250, with a target near 3,080.
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AirdropJunkie
· 8h ago
Another M top and decreasing volume. I've almost memorized this routine. Every time they say it's going to break down, it rebounds instead. I'm a bit tired of it.
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GasFeeNightmare
· 19h ago
It's the same trick again, the bulls always get trapped every time.
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ChainWatcher
· 01-08 03:02
Another M top again, this time it still depends on how the non-farm payrolls will crash.
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CafeMinor
· 01-08 02:57
It's the same old trick. When the bulls enter, they get shut out. This move looks very risky.
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CommunityJanitor
· 01-08 02:56
Another M top and a large bearish candle, I feel like I've heard this explanation too many times... Will it really drop to 88,500?
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DegenWhisperer
· 01-08 02:47
It's the same old trick again. Is this time really a breakdown, or are they just continuing to trick the bulls into coming in?
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AllTalkLongTrader
· 01-08 02:44
It's the same old trick, just waiting to be smashed down to 88,500.
After two consecutive bearish candles on the daily chart, the market pattern has quietly changed. Yesterday's ADP employment data only provided a brief boost; the bullish support level is easily trapped. From a technical perspective, Bitcoin has formed an M-top pattern on the 4-hour and hourly charts, with the neckline resistance around 91,400. If it continues to break downward, the lower target is expected to be around 88,500. Ethereum follows a similar pattern, with the neckline at 3,180, and the corresponding lower target at 3,050.
Yesterday, there was no breakout after consolidation at high levels; instead, a large bearish candle led to a direct correction. Currently, Bitcoin is also consolidating with decreasing volume at high levels. Interestingly, after the open yesterday, the price did not follow through with an upward attack but moved quite independently, which is a concerning signal. Today, unemployment data will be released, and tomorrow the non-farm payrolls report will be announced. These two economic events could cause volatility.
The short-term strategy is as follows: first, look for a rebound; after the rebound reaches a certain level, consider shorting. That’s the basic script.
**Bitcoin trading reference:** Consider going long in the 91,500-91,000 range; there’s also a chance around 90,500. The key resistance is at 93,000-94,000, with a stop-loss below 90,000.
**Ethereum trading reference:** Go long around 3,150; add to positions near 3,120. Targets are 3,180-3,220; if momentum is strong, aim for 3,250. Stop-loss below 3,100.
**Shorting strategy:** Short around 92,200 for Bitcoin; add to short positions at 92,800, targeting 90,500, with potential to continue down to 88,500 if momentum persists. For Ethereum, short around 3,220-3,250, with a target near 3,080.