Thursday Morning Bitcoin Ethereum Market Analysis and Trading Suggestions
Good morning, friends! Looking back at yesterday's midnight strategy of waiting for a pullback to enter long positions, Lao Tian emphasized waiting for a pullback to the key support level before positioning long. Last night, Bitcoin attempted to break through the previous high but failed, leading to a pullback, with the price dropping from around 110300 to around 108000. Although there were attempts at bullish rebounds during this time, the momentum was weak. Ethereum also dipped to a low of 2742, and currently, both are in a low-level consolidation phase.
From an overall market perspective, Bitcoin faced resistance at high levels, forming a short-term converging range. After a brief drop below the support, the bears currently hold the advantage, showing an inertia extension. On the daily chart, the broad oscillation pattern remains unchanged, but the Bollinger Bands (BOLL) show significant signs of contraction, suggesting that after short-term fluctuations, the oscillation range is narrowing. On the four-hour chart, the oscillation adjustment trend is clearer, with both bulls and bears taking turns to dominate. Although the price dipped and broke through the previous low in the early hours, the signs of hitting the support level are evident. It is worth noting that the previous rally caused the Bollinger Bands channel to shift upward overall, with the lower band still maintaining an upward posture, indicating solid support below and preliminary signs of a stop-loss. In the morning, we should focus on the performance of the rebound momentum.
Trading Suggestions:
Bitcoin in the 108000-108300 range, target 110000.
Ethereum in the 2720-2750 range, target 2800.
