$BTC

The passage of time is swift; before I could properly appreciate every minute and second of this week, it has vanished like a fleeting shadow. Looking back on this week, it seems like just a blink of an eye, and everything is rapidly changing. At the beginning of the week, the market unveiled its mysterious veil with a thrilling and intense volatility. On Wednesday evening, after a slight pullback to the low point of 113520, the Bitcoin market welcomed a strong upward surge, reaching a high of 115488 near midnight. Ethereum followed the trend of Bitcoin, rebounding from an afternoon decline to a low of 3574, stretching up to a high of 3674.

The price of Bitcoin is operating along the upper Bollinger Band, indicating a strong upward trend in the short term; however, the price approaching the upper band means the market is in an overbought state, posing a risk of short-term correction. Indicator signals: KDJ golden cross and RSI breaking above 50 both show buy signals, driving bullish sentiment; however, the extreme overbought J value and the OBV indicator turning from positive to negative suggest that the market may face some profit-taking and panic selling. The bullish arrangement at midnight established a strong upward trend in the short term, but the overbought indicators on the technical side also need to be cautious of a potential correction. In terms of the overall direction, we maintain a bullish outlook, focusing on buying on dips, while short positions may be considered after a resistance level is tested. Adjustments will be made upon breaking key levels during live trading.

On Thursday morning, focus on the Bitcoin range of 114500-115000 for buying, aiming for 116800; for Ethereum, focus on the range of 3660-3640 for buying, aiming for around 3750.