Wednesday Thoughts
From the analysis of Bitcoin's 1-hour cycle, the price surged to around 97700 during the early morning but faced strong resistance and failed to break through. Observing the current market, the morning candlestick pattern shows a dark cloud cover formation, and the price has since retreated. In terms of technical indicators, volume shows that bullish strength is continuously diminishing, while the MACD indicator's two lines are starting to curve downwards above the zero axis. Therefore, it is not advisable to blindly chase the rebound today; a short position is more prudent. Currently, the market's short-term volatility rhythm is clearly slowing down, operating within a narrow range of fluctuations.
On the 4-hour chart, a strong bullish candlestick previously broke through the upper Bollinger Band, and then the price corrected with a small bearish candlestick. The current coin price hovers near the upper band; although the short-term bulls show some strength, the overall trend indicates that the pressure level above has shifted downwards, suggesting limited momentum for further upward expansion by the bulls. In this market rhythm, chasing the price poses higher risks; first, observe the price's retreat and wait to consider a long position after it touches the support level. If it stabilizes above 96000, look towards 98500-99000; if it breaks the support at 95500, then look down to 93500.
Bitcoin 🫓 short near 97500-96700, looking down to 95000. If it breaks, continue looking down; if it doesn’t break, reverse position!
For Ethereum, just enter and exit synchronously at #美联储FOMC会议 $BTC $ETH .
From the analysis of Bitcoin's 1-hour cycle, the price surged to around 97700 during the early morning but faced strong resistance and failed to break through. Observing the current market, the morning candlestick pattern shows a dark cloud cover formation, and the price has since retreated. In terms of technical indicators, volume shows that bullish strength is continuously diminishing, while the MACD indicator's two lines are starting to curve downwards above the zero axis. Therefore, it is not advisable to blindly chase the rebound today; a short position is more prudent. Currently, the market's short-term volatility rhythm is clearly slowing down, operating within a narrow range of fluctuations.
On the 4-hour chart, a strong bullish candlestick previously broke through the upper Bollinger Band, and then the price corrected with a small bearish candlestick. The current coin price hovers near the upper band; although the short-term bulls show some strength, the overall trend indicates that the pressure level above has shifted downwards, suggesting limited momentum for further upward expansion by the bulls. In this market rhythm, chasing the price poses higher risks; first, observe the price's retreat and wait to consider a long position after it touches the support level. If it stabilizes above 96000, look towards 98500-99000; if it breaks the support at 95500, then look down to 93500.
Bitcoin 🫓 short near 97500-96700, looking down to 95000. If it breaks, continue looking down; if it doesn’t break, reverse position!
For Ethereum, just enter and exit synchronously at #美联储FOMC会议 $BTC $ETH .
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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