Wednesday Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions

In the afternoon, after Bitcoin prices reached an intraday high of 103949, they encountered bearish pressure, forming a clear resistance level. The market then underwent a technical correction, dipping to a low of 102815, demonstrating short-term profit-taking characteristics. After testing this support level, buying power quickly gathered, driving prices to rebound, currently retesting the previous high resistance area near 103937 USD. Ethereum prices rebounded after retracing to the 2575 level.

From the 4-hour candlestick chart analysis, the current market is still relying on the middle band of the Bollinger Bands for effective support. Although there was a brief test below the middle band area, a clear bullish engulfing pattern was formed, and the price entity has consistently remained above the middle band. The MACD indicator shows a golden cross formation near the zero axis. This evening, the focus remains on the pullback before looking for a breakout.

Bitcoin: Buy near 103500-103200, short-term target 105000

Ethereum: Buy near 2600-2570, short-term target 2700