Cryptocurrency Market Analysis: 6.2 Bitcoin Support Area Experiencing Volatility and Consolidation! Ethereum 'Phishing Orders' Run Rampant? Latest Market Analysis
Current Bitcoin price is 104700. The market is currently within a descending channel, and the downward trend has not changed yet, but there are signs of stabilization in the short term. Therefore, it is judged that the main force will experience volatility and consolidation near the support level, with the possibility of a rebound attempt. However, the resistance above is significant, and the continuation of the subsequent rise still needs to be observed. Thus, it is recommended to remain on the sidelines for now, waiting for a signal to end the downward trend before re-entering. Aggressive traders can consider accumulating positions around the current support level on dips, but they must be cautious as the rebound may be limited. Setting a stop-loss is necessary, and if a breakthrough does not occur, quick profit-taking is advised. The technical indicator 'Doji' suggests a possible trend change; a 'top formation' occurred previously followed by a pullback; recent signals indicate a potential 'double bottom' or bottoming formation.
Today's Reference Points:
Long Entry Point: 103000, Stop Loss: 102500, Stop Loss Distance: 500 points, Target: 105500
Short Entry Point: 106500, Stop Loss: 107500, Stop Loss Distance: 500 points, Target: 103500
Latest Ethereum Market Analysis
Before publication, the current price of Ethereum is 2520. The oscillating trend remains unchanged, so the short-term strategy is presented directly. The main force may continue to oscillate and consolidate around the 2500 point, with technical indicators showing weak momentum, making it difficult to form a rapid upward or downward trend. However, some indicators show signs of accumulating bullish momentum. Attention should be paid to the breakout situation of key support at 2400 and resistance at 2789. Therefore, it is advised to attempt light long positions near the support, targeting the short-term resistance level MA30. If the price breaks through the key resistance with increased trading volume, positions can be gradually added to participate in a possible trending upward market. If the price breaks below the support level, consideration should be given to stop-loss and observe whether the bearish strength has further increased, then seek lower price support for re-entry. The technical analysis shows bullish engulfing, doji, and dark cloud cover patterns, suggesting that consolidation is the most probable scenario. It is still recommended to trade quickly in and out.
Short-term Strategy Reference:
Long Entry Point: 2450, Stop Loss: 2400, Stop Loss Distance: 30 points, Target: 2550
Short Entry Point: 2600, Stop Loss: 2650, Stop Loss Distance: 30 points, Target: 2500
Brief Analysis for Investors' Reference $BTC
