Looking back at the early morning market, the major cryptocurrency failed to break through the 109,000 line and has since pulled back to the current level, successfully validating the saying that there is no eternal strength; the market is constantly changing. What we can do is to monitor the market in real-time, follow the fluctuations, and act in accordance with the trend.
From the hourly technical analysis, the underlying asset has shown a long bearish candle that diverges from the upward trend, which is statistically abnormal. The price is operating in the upper Bollinger Bands area and rebounded strongly after reaching the critical support level of the middle band, forming an engulfing pattern. Combined with increased volume at the bottom, this confirms the strengthening of the bullish trend. In the four-hour cycle, the three Bollinger Bands continue to expand, increasing volatility, with a golden cross on the MACD above the zero line and the RSI in the overbought zone, indicating that the upward market is in a main upward wave, with sufficient bullish momentum. Attention can be given to trading opportunities when the price retraces to the middle Bollinger Band.
Major cryptocurrency around 107,000 - Target 109,500
Ethereum around 2,540 - Target 2,700
