The overall market in the afternoon followed a morning peak, with the price of cryptocurrencies experiencing a slight pullback, hoping to rise again. However, the second round of upward momentum was suppressed, leading to a drop instead, causing Bitcoin's price to show a step-like downward trend, currently reaching a low of 110400.
Ethereum strongly broke through the 2700 mark in the afternoon, reaching a high of 2734, and then quickly retracing, with the current price around 2660. The ongoing market is continuously refreshing historical highs, and the intermittent pullbacks are repeatedly testing the bottom support.
Once the bottom is strong, the market could rise again. From the current overall market perspective, unless there are significant negative news, if the bulls gain effective volume, the rise could be rapid!
From the four-hour chart, after going through previous technical corrections, the price has seen a slight rebound, with the candlestick body successfully breaking through the upper Bollinger Band resistance. Although the current market has experienced a certain degree of retracement and consolidation, the bullish trend remains unchanged.
Currently, the overall market is steadily operating in the middle to upper range. The Bollinger Bands are showing a horizontal downward movement. It is evident that the market has entered a typical box consolidation phase. Prices may maintain oscillation above the middle band to build momentum, with the afternoon strategy focusing on high selling and low buying as the main approach.
