Monday Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions
During the early hours, Bitcoin briefly dipped, reaching a low of
$87,500 before quickly rebounding to around $88,400, momentarily falling below the $88,000 mark. This pullback confirmed the effectiveness of the key support zone, indicating that buying pressure at lower levels is solid, and short-term selling pressure has been absorbed by the market to some extent. Our long position strategy laid out yesterday has hit the planned take profit.
From a technical structure perspective, the $87,500-$88,000 range shows clear buying strength, with the hourly chart displaying gradually increasing lows.
The MACD formed a golden cross below the zero line, and the RSI has risen from the oversold area above the midpoint, showing that bullish momentum is accumulating. During the rebound, the volume has moderately increased, further validating signs of capital entering at lower levels. The market has completed a quick shakeout in the core support area, and the current price has regained the key psychological level. If it can hold above $88,200 today, there is potential for an upward test of resistance around $89,000-$89,500.
Trading Thoughts:
Bitcoin: Watch for support near $88,000; if it stabilizes, consider a long position, targeting $89,500.
Ethereum: Watch for support near $2,960; if it stabilizes, consider a long position, targeting $3,050.
