Friday🗓️ [February 6th]

Bitcoin (BTC) and Ethereum (ETH) continue their previous downward trend

The main catalyst for yesterday’s overall decline: U.S. Treasury Secretary's remarks implying no bailout, which directly triggered market panic selling, resulting in a daily chart showing a "lower low, lower high" bearish structure. After a large red candle on February 5th broke below $70,000, the price continued to decline to around $65,000 on the 6th, indicating persistent selling pressure. Although there was a rebound after finding support near $66,666 on the 4-hour chart, the rebound was limited and failed to break through the $68,800 resistance.

Technical analysis shows:
Bitcoin (BTC): Daily candle closed bearish with a long upper shadow, indicating significant resistance above. The bulls failed to hold the high. The candlestick shows a one-sided downtrend, repeatedly breaking key support levels, with weak rebound momentum, dominated by bears. Short-term, medium-term, and long-term moving averages are all in a bearish alignment, suggesting a technical rebound is possible, but the overall trend remains bearish. The daily Bollinger Bands are expanding downward, with the price trading below the lower band, indicating strong downward momentum. Resistance levels are focused on the $67,000-$68,800 range.

🎯BTC 65,900-66,000 Short, target 65,500-64,800. After breaking through, watch for 64,000-63,500.

Ethereum (ETH): Daily candles continue to close bearish, with rebound strength clearly weaker than Bitcoin. The Bollinger Bands are opening downward, with the price trading below the middle band, showing a short-term weak consolidation pattern. The moving average system is in a bearish alignment, with the price far from the averages and short-term moving averages exerting obvious resistance. RSI has entered oversold territory, indicating a technical correction may be needed. Resistance levels are in the 2100-2200 range.

🎯ETH 1930-1940 Short, target 1900-1850. After breaking through, watch for 1820-1700.

The current market remains in a consolidation phase, with obvious resistance above. A volume breakout is needed to confirm the trend. It is recommended to trade within the range, buying low and selling high. Core strategy: follow the trend, be cautious about bottom fishing, control position sizes, avoid blindly bottom-fishing or chasing rallies, and wait for signs of market stabilization before making strategic entries.

For real-time market data and precise levels, please refer to Ziqing’s live trading signals...