Reviewing today's market, the Bitcoin market has entered a dead zone, remaining in a state of range-bound fluctuations, with no good entry points. For this kind of market, the high sell and low buy strategy that Lao Zhu has consistently implemented has been perfectly validated, successfully capturing nearly 500 points of movement in the afternoon layout.
From a technical analysis perspective, the Bollinger Bands' three lines in the 4-hour cycle are significantly tilted downward, forming a 'downward channel' pattern, indicating that the market price's center of gravity is continuously moving downward in the short term, with bearish forces dominating in the medium to long term. As the Bollinger Band channel gradually narrows, the likelihood of accelerated downward movement in the market increases significantly. In the 1-hour cycle, the K-line has broken below the middle line of the Bollinger Bands, confirming a weakening short-term trend. The price has tested the lower line multiple times, encountering temporary resistance, but the support at the lower line is facing a test. Under the resonance of large and small cycles, the bearish trend may be further strengthened, suggesting to closely monitor the breakout signals at the lower line and changes in trading volume.
Short around 104500 for Bitcoin Target 103000
Short around 2530 for Ethereum Target 2400
