February 23rd, Bitcoin and Ethereum face resistance at high levels and pull back, morning analysis of long positions

Bitcoin/Ethereum rebounded last night to around 68,200 and 1,982 before encountering resistance and falling back. The overall rebound is weak, returning to a weak oscillation pattern. Currently, the hourly rebound is encountering resistance, and both the daily and four-hour moving averages are turning downward and converging under pressure, indicating the end of the rebound and a return to the downward channel.

Bitcoin and Ethereum on the 4-hour and daily charts repeatedly surged and then fell back, forming upper shadows, indicating heavy selling pressure above and that bearish forces dominate the market. The daily candles are consecutively bearish, with prices pressured below key moving averages, confirming that short-term rebounds are weak and the trend is weakening. The MACD on the 4-hour chart has formed a death cross, with the DIF line crossing below the DEA line, and the histogram turning negative and continuing to expand, indicating increasing downward momentum. Additionally, during the rebound, trading volume has continued to shrink without strong buying support, making rapid declines near key resistance levels very likely.

Trading Suggestions:
- Bitcoin: Sell in batches around 67,500-67,800, targeting 66,000-65,000
- Ethereum: Sell in batches around 1,960-1,980, targeting 1,900-1,880