Friday Evening Bitcoin and Ethereum Market Analysis and Short-Term Suggestions
Today, the market saw intense competition between bulls and bears, resulting in a stalemate. During the midday session, the price of Bitcoin continued to fluctuate narrowly around the key psychological level of 107,000. Although there was a rapid surge at one point, it failed to effectively stabilize above 107,500 and subsequently fell back, indicating that an upward trend has yet to be established. The strategy during the session focused on entering false short positions and timely replenishing to lock in levels.
From a four-hour perspective, the current candlestick pattern still maintains an upward trend, but the body of the bars has noticeably contracted, with frequent upper shadows, forming a classic combination of shooting stars and dojis. This indicates that there is some selling pressure above, and the upward momentum in the market is continuing to weaken. The closing situation shows that several consecutive candlesticks have long upper shadows, with high points gradually declining and low points also decreasing, initially outlining a descending wedge pattern. This pattern often reflects market indecision, with bulls struggling to advance and bears seizing the opportunity to apply pressure, as both sides of power are being rebalanced.
It is worth noting that after several attempts to break through the key resistance level of 108,500 were unsuccessful, the chart has shown the initial formation of a double top. Close attention should be paid to the gains and losses around the neck line support level. If this support is effectively broken, it could strengthen downward pressure and initiate a test of lower support levels. As the fluctuation range further narrows, the opportunity for a directional choice in the market is gradually approaching.
Short-term operation suggestions:
Bitcoin around 107,500, look for 106,000
Ethereum around 2,460, look for 2,400.