Good afternoon, friends. The market is currently in a state of fluctuation. The support at 121000 is still quite solid, and in the afternoon, we can continue to rely on this support to make short-term trades. After the price of the currency reached a new high of 126000, yesterday it also experienced a significant drop, briefly falling to the 121000 line, indicating that profit-taking at high levels has been the main driving force behind this decline.
From a technical analysis perspective, the price reached a high but left a long upper shadow, clearly under pressure at high levels. It is currently also in a state of fluctuation; despite some pullback actions, I still believe that the overall bullish pattern has not reversed. The hourly Bollinger Bands are also showing an opening state, but the RSI indicator has started to decline from the overbought area, indicating that bullish momentum may be slowing down, and the price needs to enter a consolidation phase. The approach remains the same as in the morning; first, pay attention to the breakout situation at 123000, while Ethereum should pay attention to the resistance break at the 4560-4600 range. #BTC #ETH
In the afternoon, the trading strategy continues as in the morning.
Bitcoin can be looked at around 121000-121200, targeting 123500.
Ethereum can be looked at around 4400-4420, targeting 4580.