$BTC presents a resilient bottoming pattern, and a key turning point may come over the weekend
This week, the market has shown typical characteristics of resilience and bottoming. Despite multiple tests of lower support, the key defensive level has not been effectively broken. Observing from a 4-hour level, the price lows are showing a stepwise upward trend, and the bearish volume is showing significant signs of decline. The current price is building new platform support around $93,500, and this converging oscillation pattern often indicates that the window for mid-term directional choice is about to open.
It is noteworthy that the market is forming a positive technical structure of "higher lows and breakout highs." Although it has entered a technical correction phase in the short term, the extent of the pullback will determine the subsequent development path: if it maintains a narrow consolidation above $93,000, it is expected to form a rising continuation pattern; conversely, if there is a deep retracement, one must be wary of the risk of trend reversal. Ethereum is also forming double bottom support in the $1,740-$1,760 range, creating a linkage effect with Bitcoin.
Operational Strategy
Over the weekend, it is recommended to adopt a "sell high, buy low" swing trading strategy:
Focus on the Bitcoin support range of $93,300-$93,700; if it stabilizes effectively, consider lightly entering long positions, with the first target at $95,500, and if it breaks through, the next resistance level is $97,000.
For Ethereum, it is suggested to gradually build long positions in the $1,740-$1,760 area, with the primary resistance level above at $1,860, and the second target at the round number of $1,900.
If there is a significant drop below key support levels, it is necessary to stop loss in a timely manner and change the trading approach.
From on-chain data, it can be seen that recently, large addresses have been continuously increasing their holdings, while the exchange inventory continues to decline, indicating that long-term investors remain optimistic about the market outlook. However, the funding rates in the derivatives market are relatively high, suggesting that there may be short-term pullback risks. Investors are advised to maintain a "cautiously optimistic" trading mindset while enjoying the weekend market, and to prepare for both scenarios.
The market continues to change, and we are closely monitoring it to seize new entry opportunities. Like and leave a comment, let's navigate through the bull market together and seize this significant opportunity.
