The midday Bitcoin price experienced a deep V shape. It fell from 104752 to a low of 104201, then quickly rebounded to around 104724, and has since been oscillating narrowly between 104200 and 104750. Ethereum showed a similar pattern, dropping from a high of 2530 to around a low of 2003 before stabilizing and quickly bouncing back to around 2520 for consolidation.
From a technical perspective, Bitcoin's 4-hour chart shows a double bottom support around 104200, and the MACD is moving horizontally below the zero line, indicating a potential halt in the decline, with a relative strength index of 55 which is decent. To push upwards, it needs to genuinely break through the resistance between 104800 and 105000. Ethereum has held the integer level of 2500, with the middle Bollinger band at 2515 serving as a short-term support, but there is still considerable selling pressure in the 2530 to 2535 range.
Currently, the market feels like it is gearing up for a significant move. Bitcoin needs to stabilize above 105000 to open up upward potential, and Ethereum also needs to effectively break through 2535 to suggest a possible trend reversal. Additionally, the U.S. will release economic data tonight, which may stir the market, so it's advisable to be cautious and not bet too heavily.
Operational suggestion: sell high and buy low.
Bitcoin is fluctuating around 105500-106000, with support looking down to 104000-103000.
Ethereum is fluctuating around 2550-2560, with support looking down to 2500-2480.
