Saturday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Looking back at the afternoon, Lao Tian suggested a buy on a pullback. In the afternoon, the live market confirmed a pullback to the range mentioned by Lao Tian, around the 104700 line, where it began to rebound. Friends who followed this strategy were able to profit from both long and short positions. Currently, Bitcoin is consolidating within a narrow range. Ethereum is also experiencing a similar situation, supported near 2525. We will continue to maintain the buy-on-pullback strategy in the afternoon. Aggressive traders may take a small long position for a short-term rebound, while conservative traders should wait for a better opportunity.
From the current hourly structure, although the price shows a trend of oscillating downwards, there have been several small-bodied candlesticks interleaved, indicating that the market is undergoing a volume contraction consolidation. It is noteworthy that the price is running below the middle band of the Bollinger Bands and is gradually approaching the lower band, which usually means the market is in a short-term weak consolidation phase. However, the area near the lower band is often a key area where bearish forces are gradually exhausted, brewing a technical rebound. Current technical indicators have begun to show intentions of a rebound, although momentum signals still need to be confirmed with volume. Overall, the market atmosphere remains cautious, but short-term downward momentum is weakening, and the demand for a technical pullback has not been fully released. Moving forward, it is essential to focus on the strength of support at the 104700 key level; if it can stabilize, there is a possibility of challenging the resistance zone around 106000.
Trading Suggestions:
Long Bitcoin around 104500, target near 106300.
If it breaks below 104500, it’s not too late to reverse position.
Long Ethereum around 2500-2520, target near 2600.
