6.4 Morning Thoughts
Good morning everyone! A brand new day begins. Looking back at yesterday's evening market, Bitcoin experienced a strong surge, followed by a phase of retracement and consolidation. As of now, the Bitcoin price has retreated to the starting point from yesterday afternoon, fluctuating around 105000. However, the current price is undergoing a rebound and recovery process, showing a slow upward trend, recovering to around 105500. Ethereum, on the other hand, has been on a downward trend since early morning, experiencing a sharp drop during the morning session, with prices reaching a low of 2563.
From a technical analysis perspective, Bitcoin's daily chart has completed a bottoming rebound action. The recent continuous bullish candlestick patterns have successfully pushed the price back up to the mid-band resistance area of the daily Bollinger Bands. Market bullish forces are attempting to strongly break through this critical resistance level and stabilize above it. In terms of volume support, the large bullish candle set the tone for the rise, followed by small bullish candles gradually advancing, reflecting a strong willingness to break through in the market. Once the mid-band resistance is effectively broken and stabilizes, it is expected that the market will continue its upward trend, aiming for the short-term resistance level of 106800. The strategy is to maintain a low long approach.
Bitcoin can be bought at 105000-105300, looking at around 106800. Ethereum can be bought at 2570-2590, looking at around 2680. $BTC $ETH $BNB
