On Thursday morning, the crypto market experienced a 'tug-of-war' — Bitcoin rose slowly from the low of 106,723 points in the early morning, fluctuating upward to 108,288 points; Ethereum also showed strength, firmly standing its ground at the 'defensive barrier' of 2610 points, peaking at 2788 points during the session.
Continuing yesterday's bullish outlook, although we couldn't fully capitalize on the ideal price level, the overall trend is still cooperating. After all, Bitcoin has risen by 1300 points, and Ethereum has risen by 140 points, proving that our direction is correct. Steady progress is the key!
Technical analysis:
From the daily chart, the market has experienced a slight pullback for two consecutive days. The bearish candlestick tells us that there is some pressure on the market, but the long lower shadow indicates that the bottom support is quite strong, and the price has not easily broken through the key line.
Bitcoin is currently hovering near the upper middle band of the Bollinger Bands, which are expanding and trending upwards, indicating that the bulls are still in the lead.
The 4-hour chart is more lively, with three 'doji' candlesticks drawn. Both bulls and bears are locked in a fierce battle; sometimes a large bearish candlestick rushes toward the lower Bollinger Band but is quickly supported and rebounds, indicating that the lower band is a very strong protective level.
As long as Bitcoin can hold this lower track, the upward trend can continue.
Trading advice:
Bitcoin: You can set up long positions around 107,500, targeting 110,000. Go, go, go!
Ethereum: It is recommended to buy on dips in the range of 2750 to 2730, targeting 2850 points for a small profit.
In summary:
Although the market is volatile, opportunities always exist. Seize the support level and buy low; stable profits are waiting for you! Don't forget, the key to making money in the crypto world is patience and a sense of timing. Steady progress is the way to win in the end.