Bitcoin Technical Analysis————

In the previous short-term trade at 115800, a precise transaction was made, yielding over 2000 points of movement. After a pullback, Bitcoin entered a phase of consolidation. The previous candlestick closed with a bearish line, slightly breaking the 7-day moving average but closing back above it. The intraday opening is running around the 7-day moving average, with the Bollinger Bands in an opening state and the short-term moving averages trending upwards. The MACD fast and slow lines are moving upwards while the volume bars are contracting, and the KDJ is crossing downwards with the VR indicator stabilizing around the 170 value. Overall, the market is experiencing a phase of resistance at the top, pulling back before entering a phase of consolidation. In the short term, we continue to expect range-bound fluctuations, with support to focus on previous lows and around the lower boundary of the 4-hour chart, and resistance to focus on the area below 120000.

Bitcoin short-term recommendation: Sell at 119600, Buy at 116580

Previously, Bitcoin was strong while Ethereum was weak. Each time Bitcoin surged, retail investors felt that Ethereum would follow historical cycles and make up for the gains. However, this did not happen. Retail bulls gradually lost confidence in Ethereum. As Bitcoin pulled back, they aggressively shorted Ethereum and achieved some results, as the market makers have been cultivating this habitual thinking. If Bitcoin consolidates this time, will Ethereum make a significant rebound to harvest those retail investors who have developed a habitual bearish outlook? It is possible. However, one should still short when necessary and utilize stop-loss orders. In the short term, support is focused on the area above 3080, and resistance is focused on the area around 3300. In such a market, short-term operations should be approached with caution.

Ethereum short-term recommendation: Buy at 3108, Sell at 3320 (For more cryptocurrency analyses, click on the image to view the homepage introduction $BTC