Recently, the cryptocurrency market has been surging, with fluctuations showcasing the ever-changing dynamics. Especially after the prices continuously set new highs, each fluctuation carries opportunities and challenges, deeply affecting every investor's emotions.
Looking back at last night's market, Bitcoin launched a powerful offensive, breaking through the short-term high with a momentum akin to breaking bamboo, aiming for the peak at 108,095 points. However, the market is ever-changing; after facing pressure at high levels, the price dropped sharply, reaching a low of 106,700 points. By early morning, although it gradually climbed, it still failed to break through the previous high, currently maintaining oscillation above 107,000 points, as if gathering strength and awaiting a new round of explosive opportunities.
Overall, bullish forces continue to dominate the market rhythm, becoming the core driving force behind price increases. However, the 108,000 points mark resembles an impenetrable fortress, with strong resistance causing price corrections. Notably, the daily K-line successfully reversed from consecutive declines to consecutive gains, and after the price secured a solid footing in the mid-band of the Bollinger Bands, it has continued to push upward. Meanwhile, various technical indicators have risen, clearly confirming the strong bullish pattern in the current market.
Focusing on the four-hour chart, since around 105,000 points, Bitcoin has opened a one-sided upward channel, racing closely along the lower edge of the upper band of the Bollinger Bands. Unfortunately, when approaching around 108,000 points, it faced strong previous resistance, temporarily halting its upward momentum. Currently, the key short-term resistance level is fixed at 108,500 points, while the support line below at 106,700 points remains solid. It is expected that the intraday market will repeatedly test around these two key points, with the fluctuation range gradually narrowing; only new significant news or inflows of additional funds can break this deadlocked balance.
In light of the current market conditions, here are the morning operation strategies for everyone:
• Bitcoin: When the price reaches around 107,000 points, seize the opportunity to set up long positions, with a target price looking towards 108,500 points.
• Ethereum: If the price reaches around 2400 points, it is a good time to enter long positions, with the target price looking towards 2500 points.
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