Good morning everyone! The market is changing rapidly. After experiencing a downward probing last night, it was met with a strong rebound, first shaking up and breaking the level of 95000, and then quickly rising to break 96000 in the morning without undergoing a deep pullback; the overnight short positions were also timely stopped out at 500 points. The movements of Ethereum and Bitcoin are similar, both experiencing a rapid rise to break 1800 in the morning, and currently both have an upward breakout trend.
From the overall market perspective, the sudden rise in the morning has already filled part of the recent continuous decline. After Bitcoin broke the level of 95500, the momentum of Ethereum has been further weakened, and there are clear signs of recovery. However, the sudden rise is clearly stimulated by fundamental factors, with the news of US-China tax negotiations providing strong momentum for the price increase.
From a technical perspective, the four-hour and hourly technical indicators are highly unified, diverging upwards, and there is still good space above in the short term. As the influence of fundamental factors gradually fades, upward momentum will gradually weaken. After a short period of fluctuation and adjustment, there will be an attempt to test the upper resistance level again.
In the morning, Bitcoin is recommended to buy near 96000 on a short-term basis, aiming for 97500; Ethereum is recommended to buy near 1800, aiming for 1850.
