Yesterday, the cryptocurrency market was slightly dull during the daytime, but a turnaround occurred in the evening with the release of fundamentals (poor stocks, various economic indicators). Bitcoin first rose above 95,000, then subsequently fell to a low of 92,848. After that, Ethereum began to rebound, quickly bouncing back to around 94,000. After a short period of adjustment, it formed a fluctuating upward structure. The long position layout in the early hours also provided nearly a 1,500-point space. Ethereum, on the other hand, fell to a low of 1,730 last night before moving upward with fluctuations. After reaching a high of 1,818 in the morning, it slightly retreated and is currently maintaining a range above 1,800.
Overall, from the analysis of the market, a cross-shaped bearish candlestick was formed on the daily chart, and the dominance of Ethereum is quite evident in the trend.
On the four-hour chart, the price has been operating between the upper and lower bands for a long time, and technical indicators are showing divergence again. There is a severe wait-and-see sentiment in the market, and the daytime trading will still mainly focus on fluctuating adjustments, with an increase in the time spent in a sideways range.
On the hourly chart, as the bullish volume diminishes, upward movement is once again hindered, but the space for a pullback is limited. The focus below is on the 94,000 level to maintain stability above. There is still upward space in the future, otherwise, it will continue to explore the downside support situation, and caution is advised against short-term weakness.
In terms of short-term operations along the Silk Road, flexible trading continues to revolve around the range. Bitcoin reference is 95,200-94,000, and Ethereum reference is to buy low and sell high within 1,820-1,790. Breaking the range can look at previous highs and lows.
