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1-hour bearish trend is clear. Price surged down from highs with volume, continuously breaking below the Bollinger Band lower rail and short-term multiple moving averages. Short-term bearish trend is established.
Current weak bounce is pressured by moving averages with sustained volume contraction, representing a correction bounce within a downtrend with no momentum.
KDJ shows minor recovery but remains below 50 with no reversal signal, only technical oversold correction. Price refreshed lows at 70456. The bounce failed to recover the midpoint of the large bearish candle, meeting heavy selling pressure. High probability of continued decline.
Strategy: Continue shorting rallies as the main approach, no bottom fishing.
BTC: Short 71500-72300 in batches, targets 70400/69000/68000. ETH follows BTC accordingly. $BTC $ETH