April 9th BTC/ETH Market Strategy

The news remains influenced by the Middle East situation, with Israel and Palestine causing disturbances again. The Strait opens and closes repeatedly. However, I believe these news factors are necessary for technical analysis; the charts reveal everything you need to know. Let’s take a look at today’s market strategy.

BTC: The night session attempted to rebound to 71,400-71,800, but both attempts failed to stabilize, and it subsequently turned downward. Currently testing the support at the 69,800-70,600 range; watch for signs of a reversal within this box. If a rare event breaks below support and drops to 69,000-69,800, it could be a good opportunity to buy the dip. Near-term resistance is at 71,250-71,440. If the price cannot move higher today, consider shorting again, with 71,800 as a stop-loss.

ETH: The night session indicated a double-top pattern. The two attempts to break through 2,268, separated by a significant amount of time, both failed, compounded by negative news. After attempting a rebound to the resistance zone of 2,233-2,268 and failing, it has now entered a downward channel. This situation is manageable: first, monitor for a break of the channel, then look at the support zone below for a potential trend reversal signal. For example, if the lower boundary of the channel is broken rapidly and the price hits the 2,139 mark, the probability of a bottoming out and a rebound is high, especially with double confirmation. Pay close attention to the price’s position when the channel is broken. The support zone at 2,139-2,170 is a previous resistance level that now acts as support; watch this area first. If the extreme case occurs and the price breaks below 2,139, then look at the oversold zone of 2,100-2,139, which is even more attractive for participation. The low-probability event here offers a higher risk-reward ratio. The first resistance above is 2,197-2,215, followed by 2,233. Keep an eye on the recovery situation.