Friday Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions
As the market enters the evening, let's review the bullish perspective provided in the afternoon. Lao Tian mentioned in the afternoon to try a light position to catch the rebound. In practice, we reached a peak in the rebound space around the 105400 line as expected. Friends who followed this idea should have made a good profit. In the afternoon, we exited our long position with a gain of 1065 points. Ethereum also quickly rebounded after touching around the 2500 line in the afternoon, reaching a peak around the 2560 line. The bullish idea was also timely. Lao Tian does not like to say those formal words; he will analyze based on his professional ability and personal views to help friends. However, strategies do have a time sensitivity. If you find yourself stuck, feel free to ask Lao Tian directly, and he can provide you with some ideas promptly.
Bitcoin's 4-hour chart shows a decline followed by a rise, with one bullish candle pulling it up. Currently, from the structure, we are still confirming whether this is a pullback correction in an upward trend or a reversal downwards. Based on the morning's pullback space, combined with a certain recovery strength during the day, the short-term price could not close at a low position. At least for now, the price is not weak, and the continuation of the downward momentum is limited. In the short term, we enter a phase of consolidation, and in the medium term, we will re-choose the direction. The candlestick pattern is leaning towards an upward trend. The 1-hour chart shows a series of bullish candles breaking above the upper boundary of a small downward channel, breaking the weak downward trend. In the evening, we will continue to maintain the idea of buying on dips, and aggressive traders can directly take a light position now.
Evening Trading Suggestions:
Buy Bitcoin in the 103500-104000 range, target 106000.
If we break above 105500, we can follow the trend without delay.
Buy Ethereum in the 2480-2500 range, target 2580.
