2.28 Bitcoin and Ethereum Market Analysis

Don't expect to get rich overnight; trading is about steady, long-term gains. Yesterday's market movements were entirely within expectations. Bitcoin reached a high of around 68,188 before facing resistance and declining, with a low of around 64,875 in the evening; Ethereum also faced resistance from a high of 2,063 and dropped to a low of 1,888 in the evening.

Yesterday, a single position on Bitcoin with two trades at 66,731 and 67,000 long, and a short near 67,880, captured a total of 4,549 points of profit. Similarly, Ethereum had two long positions at 2,007 and two shorts at 2,047, totaling 129 points of profit.

From the current chart, the 4-hour timeframe has stabilized after continuous declines. The bearish momentum has not further driven the price down, as evidenced by long lower shadows on the candlesticks, indicating temporary support levels. However, this is not a trend reversal but a normal technical correction. The 1-hour chart shows clearer signs of a bottoming and rebound, with the trend shifting from consecutive bearish candles to a mixed bullish and bearish structure. Still, overall, it remains within a downtrend channel. Traders can consider catching rebounds first, and once the rebound momentum weakens, look for opportunities to short.

Bitcoin: Short around 66,500–67,500, target near 65,500.
Ethereum: Short around 1,960, target near 1,860.