Thursday afternoon thoughts, Bitcoin and Ethereum latest market analysis
The 4-hour structure has clearly shown a bottom, and the current technical structure still appears to be cyclical, breaking down and retracing, then oscillating before breaking higher again. Since the beginning of this month, the upward momentum for the bulls has been unstoppable; even if there is a pullback, it is just to build momentum for another high. The rebound from the bottom a few days ago is the best example, rising to 105000 with no resistance at all. Therefore, the next thought process is quite simple—just look for the recovery space. Breaking higher again is inevitable, and the pullback is just part of the process. In the short term, continue to follow the bulls and look for a break above. Once the thought process is established, it won't easily change unless there is a reversal.
Afternoon trading suggestions:
For Bitcoin, go long around 102000, target 105000.
For Ethereum, go long around 2550, target 2650.
