Currently, from the perspective of the flat surface, after two consecutive daily declines, the market did not further drop in the early session. After testing the bottom support, a slight rebound occurred. The current trading range still remains within the previously consolidated range. The early continuation of the weekend's pullback without breaking the bottom range indicates that the market is not in a particularly weak situation; the real outcome will be seen during the US trading session.
Additionally, looking at the indicators, the death cross from the weekend saw a reduction in volume, which is a typical method of using time to exchange space to digest the pullback volume. Such a strong movement means that a strong rally can happen at any moment, so it's essential to keep expectations in check and there's no need to pursue shorts too aggressively.
The Bollinger Bands are currently showing an upward trend with all three lines rising; as long as the middle band holds, the trend remains unchanged. Looking at the hourly chart, the KDJ indicator shows signs of a bullish crossover, and the downward channel is facing some resistance with strong support at the bottom. The market is gradually consolidating upwards, so we can continue to maintain a bullish outlook in our operations.
Bitcoin can be bought at 93500-94000, targeting around 96000. Ethereum can be bought at 1760-1790, targeting around 1870.
