12.11 Afternoon Bitcoin/Ethereum Analysis High Position Consolidation, Bearish Outlook Remains
The market in the morning experienced an overall decline followed by a rise, with the price dropping to around 95600 and failing to continue downward. It then slowly rebounded to around 97700, and currently, the price continues to consolidate around 97700. Ethereum faced pressure from the high point of 3673, declining all the way down to the low point of 3562 before bouncing back.
From the daily chart analysis of Bitcoin, it has formed two consecutive days of lower shadows, retracing to the support level of the daily MA30 moving average. This action indicates that the short-term has found effective support at the daily MA30 moving average, temporarily signaling the end of the downward trend. However, the price has now reached the resistance level of the daily MA5/10 moving averages. Therefore, it is crucial to pay attention to the strength of the rebound today and see if it can regain this key position. Switching to the 4-hour chart, the price is rebounding upwards again and is beginning to test the resistance of the MA30/60/120 daily moving averages. The Bollinger Bands are running downward, and the current price is showing a continuous upward movement, but the momentum appears slightly insufficient, still operating below the middle band. If the middle band cannot be effectively broken in the afternoon, a short position can be established in this area. #市场回调抄底还是观望？
Wednesday Afternoon Operation Suggestions (Drafting Time 15:10)
BTC: Short around 98000, target 96000-95000
If the downward movement does not continue, go long
ETH: Short around 3700, target 3600-3550