February 23 Market Analysis and Strategy

I've been saying for three consecutive days that Bitcoin is in a downtrend. Previously, every rebound failed to break through the resistance level at 68,523, making long positions very risky and prone to being trapped. After breaking below the oscillating triangle, several bullish candles didn't pull back, and with rising volume on declines and no volume on advances, it's clear that the bears are in control. This wave of decline is not accidental.

Subsequently, a clear bearish signal appeared, and the key support at 67,523 was broken. The trend has already weakened significantly. Currently, Bitcoin has fallen below the previous low of 65,596. In the short term, watch whether 64,232 can hold. If it consolidates around this level and rebounds, breaking through 65,232 would be a sign of a temporary bottom; if it can't surpass 65,232, it may continue to fall, and breaking below 64,232 could test 63,629. If support fails, it might revisit the 60,000 level. To truly reverse the trend and rebound, prices must stay within the 65,232-65,596 range.

$BTC In terms of trading, avoid chasing short positions now, as the risk-reward ratio isn't favorable. Wait until volume increases and it stabilizes above 65,232 before considering long positions on the right side. If it can't break through 65,232, avoid long entries. On the hourly chart, if it stabilizes above 65,232, look for resistance at 66,012 and 66,579; on the 4-hour chart, if it breaks below 64,672, watch support at 63,730 and 62,731. Resistance levels: 65,232, 66,012, 66,579; support levels: 64,727, 63,730, 62,731.

$ETH Ethereum's trend is relatively weak, and the hourly consolidation range has already broken down. The strategy is simple: if volume increases and it breaks above 1,897, consider long; if it falls below 1,865, consider short. A strong support at 1,792 can be used for light long positions; if it falls below 1,746, set a stop loss. Alternatively, place a low-level long order at 1,746 with a stop loss at 1,700.

If ETH stabilizes above 1,900 on the hourly chart, watch for resistance at 1,930 and 1,965. A break above 1,965 can be a short signal with a stop loss at 2,003. On the 4-hour chart, if it breaks below 1,846, look for support at 1,792 and 1,755. If it cannot rebound above 1,865, expect continued decline toward previous lows at 1,791 and 1,740. Resistance levels: 1,900, 1,930, 1,965; support levels: 1,823, 1,778, 1,740.

The overall approach is to avoid going against the trend and avoid chasing high or low prices. Strictly adhere to stop-losses and avoid blindly holding onto positions.