In the early morning, Bitcoin started to oscillate upwards from a low of 109,300, reaching a maximum of 112,300, and is currently retracing to around 111,800.
From the 4-hour chart, the price is approaching the middle band resistance zone of the Bollinger Bands, but has not yet broken through effectively.
After continuous consolidation on the smaller time frames, the technical indicators have somewhat recovered, and there is a possibility of a short-term rebound. Both bulls and bears are still pulling against each other, so it is advised to be cautious in trading, considering light positions after a pullback, without rushing into heavy positions.
If subsequent buying fails to keep up and the bulls lose strength, the intraday gains may be fully reversed. The current rebound has not formed an effective breakthrough yet, it is suggested to consider light short positions near the middle band; if the price stabilizes above the middle band, then consider going long with the trend.
Trading Suggestions
For Bitcoin, consider going long around 111,000-110,800, with a target of 112,800-113,500.
For Ethereum, consider going long around 4,580-4,560, with a target of 4,630-4,650.
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