Yesterday evening's forecast provided a long target near 93000 for Bitcoin, looking towards 95000, which has now been successfully reached. It's still the same saying: every time, the ideas are ahead and the market follows.
Without further ado, let's look at today's content.
Yesterday, the Bitcoin price rebounded again above 94000, reaching near the previous starting point, with the market showing a pattern of narrow adjustments at high levels. Combining technical analysis and recent trends, the current market still primarily continues within a range of fluctuations.
Technical Analysis:
Daily Level: The fluctuation range has not been broken, and rebounds are under pressure.
The daily chart of Bitcoin, after several days of pulling, once again touched the critical resistance level of 96000 but failed to form an effective breakthrough. Recently, the price has been fluctuating around the range of 90000-95500, indicating that the market's tug-of-war between bulls and bears is still ongoing. The daily MACD indicator is showing a contraction and convergence, while the KDJ three lines have turned down from a high position, suggesting insufficient upward momentum in the short term and a need for a pullback.
Ethereum (ETH) is also under pressure.
The price movement of Ethereum is correlated with Bitcoin, with the current price hovering around the range of 1815-1830. The four-hour chart shows that after the price fell below the middle band of the Bollinger Bands, the rebound was blocked. The MACD has formed a death cross and the green bars are expanding, indicating a short-term bearish advantage. The support below is focused on the line of 1750; if it breaks down, it could exacerbate the downward space.
Operation Suggestions:
Bitcoin Long-term layout entry point: Light short positions between 95200-95500
Target: Around 93500 (if it breaks, it could look down to 92000) Stop-loss: Above 96000 (to prevent sudden breakthroughs)
Ethereum Synchronous high short entry point: Short positions between 1815-1830
Target: Around 1750 (if it breaks, it could look down to 1720)
Stop-loss: Above 1840
