This week's market is about to come to an end, and here we review this week's market trends together; at the beginning of the week, Bitcoin performed as we expected, moving smoothly, aiming for the 110,000 mark, with prices soaring all the way up, reaching a peak of around 108,900 before suddenly stopping. However, our bullish outlook has been continually validated, and we provided a strategy for higher prices, which the market followed as we anticipated. At the beginning of the week, we had a precise strategy of going long first and then short. As we reached Wednesday, the price once again retraced to the starting point of last week. We predicted two working days of oscillation and repair, and the market began to rise again on Friday, but it only rose to around 106,486 before starting to plunge again. Starting from the end of the week, our bullish outlook faced continuous setbacks. Having setbacks is not scary; what’s scary is having no confidence to recover. After the first setback, we quickly reversed positions and went short, recovering our losses and making a small profit. After the second setback, we didn’t blindly enter the market but waited for the market to stabilize again before going long, and after recovering our losses, we also made a small profit upon exit. The cryptocurrency market is always changing, and it’s never smooth sailing. The previous continuous wins and calmness are precursors to a coming storm. What we can do is, when the market comes, remain unafraid, analyze the current market and trends promptly to respond. I have always said that integrating small-scale patterns and structures flexibly is not just talk; understanding the present and adjusting one’s mindset are essential for long-term success in this field. How did everyone perform this week? Did you manage to earn your share?
From the monthly K-line perspective, Bitcoin and Ethereum are showing the same pattern, both exhibiting a wave of probing high and then retreating. This month, the market initially climbed to touch the high shadow line and then faced pressure and retreated, with the upper shadow line extended, but the retracement space is limited and has not broken below the previous low point. The overall trend is still in an upward rhythm; however, this wave of retracement has intensified, temporarily slowing down the upward momentum. The monthly chart still indicates a need for correction, with the rhythm being a back-and-forth testing of the high points before facing pressure and retreating. From the weekly K-line perspective, both Bitcoin and Ethereum are caught in high-level oscillation and dullness. The weekly chart repeatedly tests high points but still lacks the momentum to break through. The weekly line chart has begun to enter a phase of contraction oscillation, with Bollinger Bands starting to converge. Bitcoin has not yet broken below the previous low point of 100,000, while Ethereum has deepened its retracement, breaking below the previous low, once again confirming the earlier statement that when Bitcoin is not following the upward rhythm, Ethereum falls faster than anyone else. Currently, we see temporary support around the 2200 mark for Ethereum. Regarding the change in market trends, we still focus on Bitcoin. As long as the previous low point of 100,000 remains intact, the overall trend has not changed, and we still maintain a bullish outlook. Each retracement after a rise serves to build momentum for future highs, but each wave of retracement has deepened the oscillation of the market. The weekly K-line shows significant performance, with both upward and downward influences being stretched long, leading to substantial volatility. We can no longer blindly favor one direction in the face of trends; we should flexibly respond to current market trends by combining patterns and structures. Currently, the price comparison is oscillating near the lower end of the range, with limited space below. Next week, we expect the price comparison to show a wave of bottom-rebounding rally. This retracement may lead Bitcoin to a new high again, but we will first look for the recovery of the 110,000 mark, and then actively provide technical analysis based on the market situation.
Next week, we expect Bitcoin to look towards around 110,000; Ethereum towards around 2800.
