Bitcoin/Ethereum Analysis on the Early Morning of the 12.8th - Zhi Yan Continues to Look Upward
The fluctuations over the weekend remain in the rhythm we are familiar with. Overall, it presents a cyclical shock within a range, primarily for correction. Bitcoin rebounded to the 10499 line in the morning, forming a pullback pattern, with the intraday low touching the 98876 line. As for Ethereum, after hitting the 4092 line early Saturday morning, it faced pressure and fell back, with the intraday low retreating to the 3970 line. The daily fluctuation range is quite small.
From a technical perspective, the recent coin price has maintained a volatile state at a high level. After experiencing a waterfall-like drop on Friday, Saturday showed a relatively compact fluctuation range. In the daily K-line chart, both long upper and lower shadows coexist, showcasing the intense confrontation between the bulls and bears in the current market. The MACD indicator at the hourly level is below the zero axis, with the DIF and DEA showing a converging trend, indicating that a rebound signal may reappear in the short term. The RSI indicator is close to the neutral zone, with specific values hovering around 51, neither reaching overbought nor falling into oversold territory, making the short-term trend appear ambiguous. The current price is slightly below the EMA7 moving average but remains firmly above the EMA30 and EMA120, with the support provided by long-term moving averages still solid, and the overall major trend still leaning towards the bulls. In short-term operations, attention should be focused on the support level around 94000 at the 4-hour level. As long as the pullback does not break this key position, any subsequent rebound will be a good opportunity to re-establish long positions.
If the coin price breaks upwards through the resistance range of 102000, it will open up greater upward space for the bulls, with further targets in the 103000 area. If the breakout continues, it may reach the psychological level of 110000. Daily technical indicators show that the current market is in a neutral zone, which suggests that the short-term trend may still need to wait for more external driving factors.
Early Morning Operation Suggestions (Written at 3:00)
BTC: Long near 99500-99000, target around 102000
ETH: Long near 3980-3960, target around 4050
Identify the trend and don't hesitate; leave professional matters to professionals.
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