Monday evening, Bitcoin market analysis and trading suggestions!
Currently, the Bitcoin price is fluctuating around 94600. In the short-term 4-hour chart, after a dip to the lower band this morning, it started to rebound. The market continues to oscillate back and forth between the upper and lower bands. The Bollinger Bands are parallel and starting to narrow, with bullish rebound momentum gradually exhausting, and the pressure area above remains evident. In the hourly chart, the candlestick shows a V-shaped reversal pattern with consecutive bullish candles, and it has now reached the upper edge of the oscillation range. The volatility is beginning to weaken, while the KDJ three lines are turning down from high positions, indicating weakened bullish signals. The RSI is around 45, the market is neutral, and the overall trend is leaning towards oscillation and consolidation. If the rebound does not break the highs, short-term bearish pressure may continue to maintain a wide oscillation pattern!
As for Ethereum, the 4-hour candlestick shows consecutive bullish candles, but the rebound space is rather limited. The highs and lows are continuously contracting. The bulls are trying to push higher but have failed to refresh the previous highs and are facing resistance. In the short term, the 1830-1850 resistance area remains significant, with the RSI around 45. The overall trend is one of oscillation and consolidation, and the likelihood of continuing to rise is low. In the short term, it is advisable to continue to reference the concentrated pressure area to short first!
On Monday evening, Bitcoin traders who followed up around 94300 in the afternoon should continue to hold. Those who have not entered can short at the current price of 94700 with a light position. If the rebound does not break 95700, increase the short position. Continue to pay attention to the 92000-92500 area below. For Ethereum, continue to short in the 1830-1850 area, and the focus remains unchanged on the 1730-1750 area below!
