7.2 Evening Thought Analysis
Today's cryptocurrency market has been highly volatile, with Bitcoin surging in the morning and reaching a high of $107,700 in the afternoon before consolidating. Ethereum also rose in tandem, leading to stop losses for Bitcoin shorts set up in the morning.
The 4-hour chart shows that Bitcoin has rebounded for four consecutive candles, breaking through the lower Bollinger Band and stabilizing above the middle band, but it may only be a correction rather than a trend reversal. Trading volume has moderately increased, and the MACD remains below the zero line, with the upward momentum slowing down. It is expected to continue weak oscillation in the evening, suggesting a high short operation.
Trading Suggestions
Bitcoin: Short near 107,500, target around 106,000
Ethereum: Short near 2,440, target around 2,370