Tuesday Morning Bitcoin and Ethereum Market Analysis and Trading Suggestions
Bitcoin experienced a rebound after a brief dip last night, showcasing resilience from the bulls. The price briefly dropped before rebounding and reclaiming the 103,000 mark, reaching a high of 106,050. However, the rebound momentum faced significant resistance at key levels. In the evening, the suggestion was to look for short positions at the rebound highs. Ethereum was similarly suggested to continue looking upward. When the market trend becomes clear, we must maintain clear judgment, decisively change direction, seize entry opportunities, and secure profits in a timely manner.
On the four-hour chart, although the price experienced a temporary pullback, it has recorded three consecutive bullish candles. However, the upward movement is obstructed by the strong resistance zone at the upper Bollinger Band. The K-line bodies generally have long upper shadows, clearly indicating that bullish momentum is being hindered and starting to weaken. On the one-hour chart, despite showing a unidirectional upward trend and briefly breaking through the upper Bollinger Band, the current upward momentum has significantly slowed down. The KDJ lines have entered the overbought region and have clearly turned downward, which strongly indicates an increased risk of a short-term pullback.
The current price has reached a strong resistance area, and multiple technical indicators show that bullish strength is waning, with severe overbought conditions signaling a potential reversal. The market is facing significant pullback pressure, and it is highly likely that there will be a downturn in the future. The morning outlook primarily focuses on shorting during rebounds, and close attention should be paid to the performance of resistance levels above, seizing entry opportunities at high points and securing profits in a timely manner.
Trading Suggestions:
Bitcoin: Short in the 105,500 - 106,000 range, targeting 103,500.
Ethereum: Short in the 2,420 - 2,450 range, targeting 2,350.