Last night, the Federal Reserve announced its interest rate decision, maintaining the benchmark interest rate unchanged for the fourth consecutive time. The cryptocurrency market experienced significant disturbances in trading sentiment, with overall trends showing rapid fluctuations and a continuous struggle between bulls and bears. The Bitcoin price stopped falling after testing the support level of $103,400 for the second time, slowly rebounding to the current level and entering a phase of consolidation and accumulation.
From a four-hour perspective, Bitcoin's price is hovering around the lower Bollinger Band area. Although there was a rebound, it did not break through the key range, and the contest between bulls and bears continues. A sudden large bullish candle seems to be a 'stabilizing force', but it has not changed the overall stalemate pattern. On the hourly chart, the price is slightly fluctuating within the upper Bollinger Band range. The morning's pullback did not reach the middle band to test for resistance, and bulls quickly regained lost ground, demonstrating the dominance of the bullish trend. Bears currently find it challenging to seek effective breakthrough opportunities, and short-term trends may continue with a slight upward fluctuation (similar for Ethereum). The morning layout suggests implementing a high sell and low buy strategy for long positions.
Bitcoin target range $104,500 - $104,000, target $106,500
Ethereum target range $2,500 - $2,470, target $2,650
