Good morning everyone. Bitcoin started to pull back after reaching the 88,000 psychological level, forming a bearish engulfing reversal pattern on the daily chart. The selling pressure at high levels is particularly concentrated, and buying interest cannot keep up. From the perspective of volume and price action, this bearish candle's trading volume increased by 30% compared to the previous day, fully confirming the presence of a bearish sell-off.

The moving average system has already formed a clear bearish alignment, with the MA7 short-term moving average exerting obvious resistance. Each rebound to this line is met with resistance and a pullback. Meanwhile, the MA30 mid-term moving average continues to decline, and the death cross with the MA60 long-term moving average has persisted for three trading days. This synchronized bearish resonance among multiple moving averages makes it difficult to reverse.

What about volume? Throughout the entire rebound process, there has been a divergence between volume and price—prices are rising while volume is shrinking. A rebound without volume support is like a castle in the air; the subsequent upward momentum of the bulls is clearly insufficient, and the probability of breaking through the previous range of 89,000-89,500 is low.

Therefore, continue to consider short positions near the 88,000 level, targeting the 86,000-85,000 range.

Regarding Ethereum, keep an eye on short opportunities within the 2,980-3,010 range, with a target around 2,850. #美联储回购协议计划 $ETH