Thursday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Reviewing the morning's suggestion to buy on a pullback, the market first pulled back to around 104600 as expected, then began to rebound, reaching a high of about 105100. Friends who followed this idea should have gained a hundred points on this long position. Subsequently, Lao Tian updated to remind friends to cut another hundred points on the pullback. Currently, the market is fluctuating around 104900, and we are still looking at a pullback during the afternoon session. If it stabilizes above 105000, we will follow the trend to trade.
From the observation of the four-hour chart, the price is fluctuating near the lower band of the Bollinger Bands, repeatedly testing the support level of 103000. This process has effectively validated the strong resilience of this support level. Despite the current strong bearish sentiment in the market, the ability of the price to rebound after a dip and the firm defense of key support indicate that bulls are quietly building momentum. Given the potential shift in technical indicators and market sentiment, it is not advisable to blindly follow the trend and be bearish at this time. Bitcoin has tested the 103000 level multiple times without effectively breaking below, indicating sufficient buying power below that could trigger a rebound at any time. We will continue to focus on buying on dips in the afternoon.
Trading Suggestions:
Buy Bitcoin in the range of 104000-104500, targeting 106000.
Buy Ethereum in the range of 2480-2500, targeting 2550.
