#BTC #ETH Since early morning, the price of Bitcoin has shown a trend of initially declining and then rising. At first, the price encountered resistance around the 118399 level, then entered a downward channel, with the price dropping to a low of around 116656. Currently, it is trying to recover, with the price warming up to around 117200. The market trend is synchronized, having dropped from the 3815 level to a low of 3716, with a rebound stopping the decline in the early morning, currently oscillating near the 3760 level. Lao Hu's midnight orange position is still being held, just waiting for the flowers to bloom.

Hour-level analysis shows that the bulls have continuously recorded multiple bullish candles, pushing the Bitcoin price steadily upward, indicating that the bullish force is gradually strengthening and effectively countering the bearish force. In the MACD indicator, although the current value is still in the negative territory, the green momentum bars are continuously shortening, indicating that the bearish force is gradually weakening while the bullish force is accumulating. In summary, although the price experienced a significant drop in the early session, the bulls actively counter-attacked and successfully stabilized the position, showing a clear rebound trend, which is expected to continue in the short term. The current key resistance level above is near the previous high point of around 118381. If it can effectively break through, the price will usher in a strong upward trend.

Operation suggestions

For Bitcoin, near the 117000 level, the short-term target is to first observe the breakthrough situation at 118400; if it breaks, continue to look upward.

For the market trend, near the 3740 level, the target is 3840.