Yesterday, after the US stock market opened, it rose sharply and broke the previous high, then fell across the board. The cryptocurrency market was greatly affected and retreated significantly, resembling a roller coaster market. The main players took the opportunity to conduct a heavy washout, leading to a situation where both bulls and bears are crying out in despair. Bitcoin fell from around 102700 to about 96100, and is currently fluctuating around 96800.

In the current market situation, the price is tightly oscillating between the upper and middle bands of the daily chart, displaying a clear range-bound oscillation trend. In this state, the price fluctuates very frequently. The day before yesterday, the market was in a washout mode, while today it has turned to a surge in longs. This cycle continues, persistently clearing out the chips in the market. If, in the short term, the price cannot effectively break below the key area of 96000, then it is highly likely that the market will still rebound.

Intraday Trading Strategy

Bitcoin: Buy around 96500 with a target of 98000. Ethereum: Buy around 3350 with a target of 3450. Protect the previous low with a 500-point stop loss, and a 30-point take profit.