Wednesday Morning Thoughts: Latest Market Analysis for Bitcoin and Ethereum
Reviewing the strategy provided at midnight for buying on dips, it was perfectly realized. After reaching around 105000, the price faced resistance and fell back, while Ethereum also strongly approached the 2740 level. Currently, the market has turned to a range-bound movement, consolidating for the next wave of price action. The current trading is fluctuating around the 104200 level, and we maintain our strategy of buying on dips in the morning. We are now at a relatively high position, and aggressive traders may consider taking small short positions to capture a pullback.
In terms of pattern structure, there are several key points to pay attention to. Firstly, the weekly position has reached the last volume increase after a series of bullish candles, and the upper band on the weekly chart is under significant pressure. There is also a simple principle: the market cannot keep rising mindlessly. When you become numb to the rising prices, a significant pullback can leave you in despair. Therefore, a key issue to note is that the rise from evening to midnight has brought Bitcoin to touch the previous falling gap and a resistance line, so caution is crucial moving forward. Currently, in this range-bound rhythm, one should not blindly guess when to enter long or short positions. While the overall direction remains unchanged, the entry points for long positions need to be adjusted appropriately.
Morning Trading Recommendations
Bitcoin 103000-103500 range for buying, target 106000.
Ethereum 2640-2670 range for buying, target 2800.
