"April 6 Market Analysis: Bull Rebound? End of the Bearish Army? Patience for Mid-April Reversal"

The weekend's decline was quite sharp, but the market started moving again in the early hours. Our long positions missed the entry by a little, while our short positions got trapped. This was really frustrating this time. Since the two days over the weekend did not continue the downward trend on the daily chart, the trend has once again paused. With the bullish candle that appeared yesterday, how can we determine whether this is a true breakout or a massive trap? At what level does Bitcoin need to reach to declare that the bulls have regained the advantage?

$BTC First, on the daily chart, Bitcoin shows the initial shape of a W bottom, but to confirm whether this bottom is solid, we need to see if the support below holds. In a strong and healthy market, the 68,100 level should rebound. Even more frustrating, in a more volatile market, the 67,300 level should also rebound. If the price drops below 67,300 directly, it would undoubtedly accelerate the waterfall decline. So, if you believe this daily W bottom is genuine and reliable, these two supports must hold. The resistance above is at 69,750, which is a short-term resistance level, and 70,500 is a major level dividing bullish and bearish forces.
$SOL On the 15-minute chart, watch when this bullish candle gets broken; a break below could signal a correction toward the 79.8 support. Once at 79.8, observe whether it rebounds. The resistance above is at 83.6 and 84.5.
$ETH For Ethereum, check if the support at 2070-2080 is effective. The resistance above is at 2185 and in the 2235-2255 range. Similarly, if Ethereum fails to rebound from the 2070-2080 support zone, the daily chart could also be a trap, which would undoubtedly accelerate the waterfall decline.

In summary, this morning's rally seems to have given the bulls some hope. However, to verify whether the potential daily W bottom is valid, we need to pay attention to whether the key supports hold and rebound. Currently, we should remain cautious. In a market with an Ichimoku equilibrium, the reversal point is likely around April 17-20, meaning a reversal in mid-April. Before that, careful analysis of the trend direction is necessary.
(Follow Section Chief for daily market analysis and precise entry points. Long and short positions are for reference only. Strict stop-loss and take-profit are recommended.)