Midday Thoughts

Looking back at the morning market, Ethereum rose from around 4220 to near 4310 and has been on a consolidation path. Bitcoin rose from around 112300 to near 113480 and is currently still following a consolidation trend.

From the hourly level, the upper Bollinger band constitutes a short-term strong resistance, with a price rebound to the upper band area followed by a candlestick that closed with an upper shadow, indicating concentrated selling pressure. At the same time, the upper Bollinger band also shows a downward turning pattern, with the Bollinger band opening displaying a 'narrowing before potential downward divergence' signal, compounded by the fact that the volume during the rebound phase has not sustained an increase, indicating slightly insufficient support. If the middle band breaks down, it may open up adjustment space for a downward extension of the Bollinger band. The upper Bollinger band pressure is clear, and the short-term expectation of the downward trend is more favorable. However, the middle band shows signs of flattening, so it is necessary to maintain a good stop-loss to prevent a significant rebound!

Bitcoin: Short in the 113000-113500 range, target around 112000

Ethereum: Long in the 4300-4350 range, target around 4230