The market on Tuesday, $ETH has also come to an end. Looking back at the overall market throughout the day, Bitcoin started to rally and rise last night, reaching the 106050 line in the morning before being halted under pressure and experiencing a slight pullback. During the day, it basically oscillated around the 105000-106000 range. Although the price of Bitcoin showed a slight rebound in the evening, breaking through the 106000 threshold, the overall market did not continue to rise and once again fell below the 106000 mark. Ethereum's price pulled back to touch the 2374 line in the afternoon before stopping the decline and rebounding. In the evening, the price showed a slow upward trend, gradually rising.
On Tuesday, we focused on a main short strategy for participation, with Bitcoin successfully gaining a total of 3561 points and Ethereum successfully gaining 161 points. Tuesday ended perfectly!
From the current 4-hour K-line trend, the market has experienced a strong rebound. A solid bullish candle surged strongly from the middle band of the Bollinger Bands, breaking through multiple moving average resistances and reaching near the upper band. However, the good times did not last long, as the price near the upper band did not continue, and instead, the bears pressed hard, forming a bearish candle with a significant long upper shadow. This shooting star candlestick pattern is particularly striking, indicating that the bulls encountered heavy selling pressure during the upward movement. From a technical perspective, this position is not only the resistance level of the upper band of the Bollinger Bands but also a strong resistance area of the previous dense trading zone. The market has formed a situation of fierce contention between bulls and bears here, and the appearance of a long upper shadow bearish candle indicates that the price may enter a consolidation phase in the short term, with a bearish outlook expected for Tuesday midnight.
Bitcoin: Short near 105500, short-term target 103500
Ethereum: Short near 2480, short-term target 2380
