As time enters noon, the bullish momentum of the morning market has once again been released. Those who followed the strategy mentioned in Old Wang's article about shorting on retracement have likely taken profits and secured their gains. The price has risen from around 107000 in the morning to the 108200 level, and after breaking through the 108000 mark, it has now entered a technical correction phase, experiencing a technical high-level pullback with a downward fluctuation around 107700. This is a typical market trend of a high-position short squeeze.

Currently, from the actual trading perspective, market sentiment is low, influenced by various overwhelming fundamental smoke screens during this period. However, this does not prevent Old Wang from providing technical analysis for everyone. Looking at the 4-hour chart of Bitcoin, although the overall price is running close to the upper Bollinger band, resulting in limited upward space, the two technical indicators, MACD and RSI, show that one has maintained a death cross phenomenon above the 0 axis for a long time, while the other remains above 60. This indicates a long-term upward trend. This also explains why the price has been continuously rising, hitting new highs, and even after a failed breakout, it can still undergo consolidation and correction below. The trend of Ethereum is generally similar to that of Bitcoin.

Currently, in the short term, the price is undergoing a downward correction route, and we can pay attention to the support levels below to enter long positions. The short-term support level for Bitcoin is around 107000, while for Ethereum, it is at 2400. A short position can also be considered in the short term, but it is crucial to pay attention to whether the upper resistance level is effectively broken. The short-term resistance level for Bitcoin is around 108500, while for Ethereum, it is near 2500.

Afternoon trading suggestions:

For Bitcoin, look for a retracement to buy in the 106800-107300 range, targeting 108000, with an effective breakout looking towards 108500.

For Ethereum, also look for a retracement to buy in the 2400-2440 range, targeting 2500, with an effective breakout looking towards 2550. #香港加密概念股 $BTC