In the early hours of today, Bitcoin experienced a relatively long period of ups and downs. Although it later surged past 95,000, it still couldn't stabilize, and the subsequent pullback broke below 94,000. It is currently oscillating below 94,000, with the high sell and low buy operations within the early morning range providing a point space of over 1,000. The performance of Ethereum is similar to that of Bitcoin, currently pulling back to around 1,780 and undergoing adjustments.
Overall, this pullback is a concentrated release of bearish momentum after being hindered by long-term high pressure from above, combined with the closing of the stock market, resulting in a larger magnitude of pullback compared to previous fluctuations.
On the hourly chart, the short-term acceleration of bearish volume has helped break the lower bound of the price ratio, causing the bag mouth to expand outward. The lower bound and technical indicators are all pointing downwards, indicating that there is still some space below in the short term, and signs of a bottom are not evident. However, with the reduction in volume from the bullish side, the space won't be too large, and we still need to pay attention to whether the strong support level at 93,500 can hold.
This morning, Bitcoin is recommended to go long around 93,500, targeting 95,000; Ethereum is recommended to go long around 1,760, targeting 1,820.
