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April 7 Early Morning BTC and ETH Market Analysis
BTC and ETH experienced a strong rally overnight, followed by a rapid decline in the early morning. After reaching a high, prices faced resistance and pulled back, indicating that short-term bullish momentum is weakening. The market is entering a profit-taking correction cycle. On the 15-minute chart, both BTC and ETH show a death cross signal with the MA7 turning downward and crossing below the MA30, accompanied by increased volume during the pullback. The Bollinger Bands are rapidly opening downward, and after a high-level death cross, the MACD green bars continue to expand. The RSI quickly drops below the overbought zone, clearly signaling a short-term correction. The short-term bullish trend is currently suppressed, with the early morning market leaning towards consolidation and decline. Watch for the effectiveness of support at the moving averages below; if broken, the correction may continue.
BTC Trading Suggestion: Buy near 70,000 to 70,500, with a target of 68,200 to 68,700. Stop-loss above 70,800.
ETH Trading Suggestion: Buy near 2,150 to 2,160, with a target of 2,110 to 2,130. Stop-loss above 2,170.