Saturday Afternoon Bitcoin and Ethereum Market Analysis and Trading Suggestions
Reviewing the afternoon's suggestion from Lao Tian to look for buy opportunities on pullbacks, the afternoon's live trading saw a pullback to the range mentioned by Lao Tian, around the 104700 level, where a rebound started. Similarly, in live trading, a short position was entered during the midday session, resulting in a profit of 567 points. Friends who followed the strategy have also made considerable gains on both long and short trades. Currently, the market for Bitcoin is consolidating within a narrow range. Ethereum is experiencing a similar situation, with support around 2525. We will continue to maintain the strategy of looking for buy opportunities on pullbacks, with aggressive traders able to take light positions for a short-term rebound, while conservative traders should wait for the right opportunity.
From the current hourly chart structure, although the price is showing a downward trend, multiple small-bodied candlesticks are appearing in an interleaved pattern, indicating that the market is undergoing a period of consolidation with declining volume. It is worth noting that the price is currently below the middle band of the Bollinger Bands and is gradually approaching the lower band, which typically suggests that the market is in a short-term weak consolidation phase. The overall market sentiment remains cautious, but the downward momentum is weakening, and the demand for a technical rebound has not been fully released. Moving forward, we need to pay close attention to the strength of support at the key level of 104700; if it stabilizes, there is hope for a challenge towards the resistance area of 106000.
Trading Suggestions:
Buy Bitcoin near 104500, target around 106300
If it breaks below 104500, it is not too late to switch to a short position
Buy Ethereum near 2500-2520, target around 2600
