Wednesday Afternoon Thoughts, Bitcoin and Ethereum Latest Market Analysis
Looking back at the morning's strategy of buying on the dip, it has perfectly come to fruition. In the afternoon, the live trading saw a downward trend, touching the support line around 103400 twice, then stabilizing and rebounding to a high point around 103900. Friends who followed this strategy should have gained quite a bit. Currently, whether long or short, neither side can break out of a strong one-sided trend. The live trading is fluctuating around the 103300 level. We will continue to maintain the strategy of buying on the dip in the afternoon, and aggressive traders can try to go long with a light position to watch for a rebound.
On the 4-hour chart, Bitcoin is still operating within a box structure. It is relatively difficult to break this structure in the short term. Currently, it is fluctuating around 103700. On the hourly chart, a double top structure is forming. After reaching a high in the early morning, Bitcoin has been declining, stabilizing around 103400. The hourly chart shows two doji candlesticks, with the lower shadow longer than the upper shadow, indicating that bulls are accumulating strength, waiting for a chance to push higher. In the afternoon, we can continue to maintain our bullish outlook, focusing on the key level of 105000 above and the support strength at 103000 below. It's important to find the right entry points, and if a breakout occurs, we will respond accordingly.
Afternoon Trading Suggestions:
Bitcoin in the range of 102700-103200, target 104500.
Ethereum in the range of 2600–2620, looking for a target of 2700.
