Wednesday evening Bitcoin and Ethereum latest market analysis and trading suggestions
The market is like a great river, surging with waves, never ceasing. Every trader is like a person sailing on this river; only by going with the flow can they reach their destination faster, while going against the current not only consumes more energy but also risks capsizing. When they ignore market trends and act stubbornly, they are often swallowed by the market's huge waves.
Looking back at the evening's bullish strategy, it was suggested to seize the rebound high points in live trading. The market has been testing upward as expected without much volatility. In the afternoon, we positioned long trades and exited with a gain of 791 points. Recently, our long trades have been continuously winning, and the market is currently oscillating around the 104000 line. We still maintain a buy-on-dip strategy this evening.
From the current market perspective, the price has retraced again to confirm the support below. The Bitcoin price has retraced to a low of 102815, and Ethereum has retraced to a low of 2575. However, it has not continued further. The daily chart is beginning to close with a pin bar, with an elongated lower shadow and continuously rising lows. After this dip, there is a rebound. The support below is still intact, but this dip has deepened the downward pressure. The bullish trend remains dominant, and the increased volatility requires more careful entry points. The 4-hour chart is still operating within the upward trend line, but the retracement has slowed the upward momentum. As time accompanies spatial consolidation, we will patiently hold onto our long positions, as the bullish dominance is expected to continue. This evening's operations suggest entering at lower levels.
Trading suggestions:
Bitcoin: Range of 103300-103800, target 105800
Ethereum: Range of 2600-2620, target 2750.
