Bitcoin and Ethereum showed a strong rebound during the midnight period, but the continuation in the morning was lacking, and overall they remain in a range-bound oscillation pattern. This back-and-forth slow oscillation trend is not a signal of a trend reversal; the bearish trend remains unchanged.
The Bollinger Bands in the short cycle are starting to converge, with prices repeatedly contending between the upper and lower bands, currently in the process of a second confirmation at the peak of wave B. The short-term back-and-forth is actually accumulating momentum for a subsequent one-sided trend. From the combination analysis of the weekly and daily candlestick patterns, the market is more inclined to further break down after consolidation, opening up adjustment space.
Thursday evening operation suggestion: Short in the 113900-114400 range for Bitcoin, targeting 112000.
Thursday evening operation suggestion: Short in the 4330-4370 range for Ethereum, targeting 4150.
