Thursday Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions
The market continued to fluctuate in the afternoon, and after a midday rise, the price has been in a sideways state, with not much volatility. However, the overall trend remains as we mentioned before — the bullish outlook for the short to medium term remains unchanged, and the price is expected to bounce back again. Currently, Bitcoin is hovering around 112800, while Ethereum is consolidating around 4580. The short-term rhythm is still dominated by bulls, and this kind of movement is not surprising; usually, the performance in the afternoon will lay the foundation for the evening. After the bearish selling pressure weakens, the bulls can exert their strength more smoothly. At present, the pullback can still only be considered a correction, and it should not be viewed as a reversal to bearish.
There has not been much change in the technical structure, and the weekly pattern remains the same.
On the daily level, after a correction in the early morning, a slight double bottom pattern was formed. Don't rush to go short just because of one pullback — the afternoon is the key period for exerting strength. On Friday's closing, continue to refer to the time cycle for correction adjustments. In fact, a similar rhythm had already appeared earlier this week, but at that time, it was replaced by sideways consolidation instead of a drop, which was a strong correction, while the closing was accompanied by space pullbacks, which were a weak correction. Once a weak correction appears, our strategy should shift to buying on the pullback rather than chasing the price directly.
Trading Suggestions:
Buy Bitcoin on pullbacks in the 112500-112000 range, targeting around 115000;
Focus on buying Ethereum near 4560-4540, targeting 4680.
Set stop-loss for Bitcoin below 111800, and for Ethereum below 4530.
