It is once again the end phase of this week. After reaching a recent high of 105863 on Monday, the bulls and bears have engaged in a prolonged contest. After another double bottom probe, it has maintained a range between 105000 and 102500, and is currently still in a phase of oscillation and adjustment, building momentum for a future breakout. Ethereum, after rising to a high of 2738 earlier this week, has shown an overall downward oscillation structure, but has not broken through the strong support at 2400. After a weekend of sideways adjustment, it has once again rallied above 2500, still showing an independent trend compared to Bitcoin for a certain period.
On the daily chart, it is currently in a broad horizontal consolidation structure. In the larger trend, the bulls are facing resistance, constrained by the strong resistance zone of 105000-102500. Without a stable breakthrough, we need to be cautious of another decline to lower levels. Only after stabilization will it seek historical highs. The strong support for the bulls below is also at the 95000 line, which has been mentioned multiple times before and is a key lifeline for the continuation of the bull market.
On the four-hour chart, the oscillation pattern is more obvious, with the narrowing of the bag mouth. Throughout the week, the oscillation range has been compressed, and there have been numerous breaks below the lower track, clearly testing the lower support. Therefore, breaking the lower track is likely to lead to good continuation. The upper side is still constrained by the strong pressure at 105000. After previously breaking through this level, there was not much pause, and with the short-term support level rising, a short-term triangular convergence structure has gradually formed. After the bulls and bears contend within this range, another breakthrough will occur, making next week a crucial battle for both sides.
There is no need to elaborate too much on the fundamentals; tax injection and washing issues remain key. The easing of tax injection has alleviated the tense international financial situation, while the lowered expectations for washing and the gradual postponement of expected timing have again delayed the bull market's arrival.
As for the future market, old Chen still says the same thing: the future is promising, so please look forward to it! The larger trend still firmly looks bullish, with Bitcoin targeting 110000 and Ethereum targeting 3000. It is not blind optimism, but rather a warning that those who follow the trend will thrive, while those who oppose it will perish.
