This week's market has been volatile, highlighting the significant impact of fundamental events. Bitcoin showed strength at the beginning of the week, preparing to challenge the 110000 level again, but after a failed attempt to break through 109000 on Tuesday morning, it came under pressure and oscillated in the 103500-105000 range, with limited positive reactions during this period. On Friday evening, there was another surge to 106000, but the upward momentum was limited, causing the price not to stabilize at 106000, and it subsequently fell to oscillate between 103000-104000. The weekend was initially expected to be a period of consolidation, but the unexpected actions of the U.S. intensified geopolitical conflicts, leading to a strong one-sided decline in prices, which briefly fell to the 100000 level. Fortunately, the support at 100000 was strong enough to withstand this decline, and then the price oscillated around the 102000 level. Ethereum's movement mirrored Bitcoin's, facing resistance and falling back after rising to around 2700 on Tuesday, and it oscillated around the 2500 level before plummeting due to fundamental factors affecting Bitcoin. Old Wang traded less this week, especially between Wednesday and Friday when the volatility was low, and it was one of those times when not trading is also a form of trading. This week, he managed to seize the market trend and made some gains.
From a technical perspective, the daily K-line still maintains a range-bound oscillation pattern in the short term. Although the market pierced the lower support level early in the day, it quickly rebounded, showing a strong intention to test the support level based on previous market movements. Current fundamental factors continue to dominate market direction. In terms of the weekly K-line, it previously oscillated and consolidated in a cross-star K-line pattern and has turned into a downward trend after a recent sharp drop, nearing the 100000 integer level. Multiple recent dips indicate that selling pressure above has significantly increased, and confirmation of the key support level below can only occur after high-level consolidation ends. Based on the market performance during the previous upward phase, the 93000-98000 range is an important buying zone that may still provide strong support. From a trend perspective, close attention should be paid to international developments. In the short term, lacking obvious positive stimuli, the market is expected to test the effectiveness of the support below through technical corrections.
Next, focus on key price levels:
Bitcoin above 104000-106500; below 100000-98000
Ethereum above: 2300-2450; below 2200-2000
Old Wang's trading strategy:
Bitcoin current price comparison around 102500, bearish near 103500, looking down to 100000
Ethereum current price comparison around 2260, bearish near 2350, looking down to 2200
