Although the support above 8900 is effective again, if the pressure continues to be on 9300, the general direction is still bearish

According to OKEx spot data, BTC is currently trading at $9198.3 (1.88%), while OKB is currently trading at $4.97 (3.61%).

BTC failed to start an effective rebound again last weekend, and its trend has been fluctuating between $8,900 and $9,300. After falling to $8,900 during the day, it stabilized and showed initial signs of rebound. However, the sluggish trading volume may cast a shadow on the bullish sentiment.

OKEx analyst Neo believes that as the price of the currency has fallen from $10,400 in the past three weeks, the rebound high has moved down from $9,800 to $9,300, and the bottom of the correction has moved down from $8,900 to $8,800. The trend is moving along an effective downward channel. Although the area near $8,800 has never been broken and has shown a considerable degree of support strength, there are signs that the upward force is gradually weakening. Even if the downward energy has not shown strength yet, following the law of one thing growing while the other declines, the short-selling force will eventually have a clear upper hand. In the short term, investors need to pay attention to whether the intraday rebound can break through and stabilize at $9,300. If successful, we can still expect a continuation of a small rebound. Otherwise, it may mean that the third rebound high will continue to move down to around $9,200, and the probability of falling again and falling below $8,800 will increase. In view of the recent light market trading volume and narrow amplitude, it is recommended that investors hold short positions and wait for breakthrough opportunities.

ETH has now stabilized at $223 and has formed a double bottom pattern at the hourly level. If it can effectively break through the neckline of $233 in the short term and the correction continues to stabilize above this point, it is likely to test the strong resistance of the $240 area in the future. XRP has formed an obvious stage bottom, and $0.1850 will be the key resistance point. If it can break through in large volume in the near future, there is a possibility of continuing to test the $0.19 mark.