Friday, September 5th, upward stagnation, watch for a drop in the evening

After a month of strong upward movement in cryptocurrency prices, the bulls finally came to a halt. Bitcoin has risen from the previous level of 74457 to the current area of 104400, achieving an overall increase of nearly 30,000 points. We have been bullish since April 12th, predicting that Bitcoin would rise from 78000 to 93000, and then from 93509 to 105000, with our long-term outlook largely fulfilled. Currently, the price has reached the weekly resistance zone, where stagnation is observed, so it is not advisable to chase the price too aggressively at this moment.

In fact, compared to the current daily trend, the upward trend has not changed, but stagnation has also occurred at high levels. Throughout the day, attempts to test the high points have been suppressed, and previous price movements have made several attempts in this area. After briefly piercing 110000, it failed to stabilize and gradually moved downwards. Now it has returned to the pressure zone and stagnation is occurring, so it is prudent not to chase the price further. Additionally, from a cyclical perspective, the bullish trend has continued for a month, and it has now reached the previous high point area, with bullish momentum nearing its end, resulting in insufficient upward strength. The 4-hour chart shows signs of fluctuation at high levels, indicating a potential reversal. The pressure at high levels is strong, so in the short term, we should watch for a pullback and shift our strategy to focus on short positions.

For Friday evening, it is recommended to short Bitcoin around 103500-104000, with a target of 101000-100000.

For Friday evening, it is recommended to short Ethereum around 2360-2380, with a target of 2250-2100.