Market Review
As of now, the price of Bitcoin is $100,750, down 4% from the previous day. Bitcoin previously broke through the $100,000 mark, reaching a high of $104,361, but has since retraced. The current price has found temporary support at $101,000; if it falls below this level, it may drop below the psychological level of $100,000; the key resistance level above is $106,500, and if this level is broken, it may push Bitcoin into a sustained upward trajectory.
Ethereum's price hovers around $2,640. On Monday, Ethereum's price retested its 200-day Exponential Moving Average (EMA) around $2,436 and found support, subsequently rising 7.38% the next day. Currently, if the 200-day EMA at $2,436 can continue to hold support, the upward trend may continue, and it may retest the key psychological level of $3,000; if a pullback occurs, the area near the 200-day EMA will also serve as an important support level.
Technical Indicators
The Relative Strength Index (RSI) on the daily chart is at 78, above the overbought level of 70, indicating strong bullish momentum, but it also suggests a higher possibility of a pullback. However, there is also the possibility of the RSI remaining above the overbought level of 70 and continuing to trend upward.
Trading Suggestions
Bitcoin is recommended to short around $104,000 with a target of $103,000.
Ethereum is recommended to short around $2,630 with a target of $2,580.
There are many types of investments, and it is important to choose the one that suits you best; there are many paths, and it is important to choose the right guide. I am Gu Yue, interpreting global economic news, analyzing major trends in global investment, providing daily market trend analysis, and offering the latest trading strategy insights and professional investment consulting services to help you reach the peak of financial management.
