In recent days, the market between Bitcoin and Ethereum has been fiercely contested, with a tense situation. The Bitcoin bulls usually push prices higher, but by nightfall, the bears start to gain the upper hand, leading to a pullback.
Upon careful observation, it can be noted that the resistance and support levels for Bitcoin are gradually decreasing. Yesterday, Bitcoin’s lowest point was around 102600, while the resistance level above is at 104500.
Currently, although Bitcoin is in an upward trend on the daily chart, the upward space appears to be quite narrow from the current price range. It is currently in a fluctuating range and is still narrowing inward.
From the analysis of Bitcoin’s 1-hour candlestick chart, it can be seen that the price has been pulled straight down from the upper Bollinger Band to the lower band. The candlesticks have begun to close in the red, indicating a downward pullback. At the same time, the three lines of the KDJ indicator, after moving downward, are also initially showing a trend of downward pullback. Therefore, today's overall operation for Bitcoin is focused on high selling and low short-term buying.
Morning operation suggestion from Yumi:
Bitcoin 103300-103500 target for bears 102500
Ethereum 2595-2625 target for bears 2550
