7.11 Midday Bitcoin and Ethereum Market Analysis
The market continued to break higher in the early morning, with a pullback after the morning session. It retraced to around 115,000 for support, and the market has rebounded again to around 116,500, showing strong upward momentum. On the Ethereum side, it dipped to a low of 2,914 before stopping the decline, and is now moving strongly alongside Bitcoin, currently stabilizing near 2,965. I have previously reminded everyone that Ethereum can continue to chase the rise; recently, I have been highlighting that the exchange rate has been recovering. Currently, this market is still 1,000 points away from the previous high of 4,000, while reaching the 3,000 level shouldn't be difficult. As for the suggested top yesterday, it was a small loss exit, and the midnight layout has allowed for both long and short positions to gather strength.
The weekly big bullish candlestick continues to push higher, with the current upper and lower shadows giving a rise of ten thousand points this week. It is still in a structure without upper shadows. The weekly Bollinger Bands are in an expanding shape, with the price continuing to rise; overall, the market requires some pullback during the weekend to serve as a correction. From the perspective of smaller time frames, the four-hour chart continues to push higher, with a long upper shadow after the early morning spike, followed by a pullback. The correction brought it near the upper band before rebounding again, indicating that the current structure still lacks bearish strength; overall, the trend remains upward. Currently, the upper band of the Bollinger Bands cannot be reclaimed, and it will continue to expand upwards, showing signs of continued upward movement in the short term, but it is also important to pay attention to the strength of the pullback after the spike. We are still in the phase of exploring higher levels, with the integer resistance above applying pressure, and in the short term, there are still movements to watch for new highs.
Bitcoin can be bought at 115,300-115,600, targeting around 117,500. Ethereum can be bought at 2,910-2,935, targeting around 3,030.