Tuesday Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions
Looking back at the bullish outlook provided by Lao Tian at midnight, yesterday Bitcoin continued its strong upward trend as expected, rising continuously. This morning, it briefly touched the recent high near 108900 but failed to maintain strong momentum and has quickly retraced below 108000. Ethereum, after a long period of consolidation in the early morning, first surged quickly to around 2680, then sharply dipped below 2600.
Recently, bulls have been consistently pushing, but they encountered significant resistance near the key area of 109000. As Lao Tian previously reminded, there is heavy selling pressure and a liquidity gap above 108500, compounded by current geopolitical risks (such as the recent escalation of conflict with Iran), which could easily trigger a rapid spike. This pullback is indeed influenced by such factors.
From the four-hour chart, the overall structure of the upward consolidation remains intact. Although bulls are dominant, the suppression from previous key resistance levels is indeed present. The current price adjustment is a reflection of market health. After a brief spike, the market is expected to regain its upward consolidation rhythm. Attention! Continuous monitoring of sudden fundamental news affecting short-term trends is necessary.
On the hourly chart, the price has found support after descending to near the mid-line. Although technical indicators suggest there is still slight adjustment space in the short term, the likelihood of a deep dive is low. This provides a good opportunity for a low-buy strategy.
Trading Suggestions:
Buy Bitcoin in the range of 107000-107500, with a target of 108500.
Buy Ethereum in the range of 2530-2560, with a target of 2600.
