The weekend is here again. This week we witnessed a de-escalation in the Israel-Palestine situation, a flurry of dovish comments from the Federal Reserve, Trump considering a shadow chairman for the Fed, and Guotai Junan Hong Kong becoming the first Chinese brokerage to obtain a "licensed cryptocurrency trading" status, sparking a capital frenzy.
BTC
According to yesterday's analysis, as long as the 106800 level is not broken, it remains a short-term bullish position. The numerous downward retracements yesterday did not effectively break this level, indicating that it is still relatively strong support in the short term. Therefore, the same applies today; however, we will notice that the four-hour high is gradually decreasing, forming a descending wedge pattern. Thus, the oscillation range we observe today will still revolve around the 106800 to 107800 levels. As long as 106800 is not effectively broken, it will attempt to challenge higher again. Today's strategy is the same as yesterday, with opportunities for both bulls and bears. The resistance above is between 107800 and 108800, with detailed support and resistance shown in the chart.
ETH
Ethereum has been oscillating around its current level for four days. The overall strategy remains the same: we are watching whether it breaks upwards or downwards. If it breaks down, it will head towards a second bottom at the four-hour and daily levels. Currently, this position encounters the weekend, and it is highly likely to undergo sideways oscillation. We need to pay close attention to the four-hour MACD not crossing below the zero line for the opportunity to form a head and shoulders bottom breakout. However, the oscillation period at this level has already been relatively long, and the four-hour chart also shows a small head and shoulders top. So we need to wait for a breakout in that direction, ensuring to set take profit and stop loss. The oscillation range during the day is still between 2385 and 2489, with opportunities for both bulls and bears. More detailed support and resistance are visible in the chart.
