4.24 Cryptocurrency Market Analysis, Sideways Fluctuation
Last night, it was suggested to go long around 92500, and it has now risen by about 1000 points, which is nearly a good point to take profits.
After experiencing the upward fluctuation yesterday, Bitcoin reached a recent high of 94904 in the evening, followed by a back-and-forth movement. After a brief breakthrough of 92000, it quickly rebounded and entered a phase of consolidation in the early hours of today.
Ethereum reached a high of 1838 last night and quickly entered a phase of adjustment.
On the 4-hour chart, after a doji candlestick was formed last night, the volume of the bulls clearly reduced, and the technical indicators showed a flat trend. If there is no upward breakthrough of the upper limit during the day, it will mainly be characterized by sideways fluctuation.
The signs of sideways movement on the hourly chart are even more evident, with the fluctuation range being increasingly suppressed, and the divergence of technical indicators becoming more pronounced. It will also be difficult to effectively break out of the box structure in the short term and continue forward.
In the morning, we flexibly arranged our strategy based on the characteristics of the range fluctuation and reasonably grasped the exit points.
It is recommended to short around 93700
