Morning Market Analysis on September 7

Last night, Bitcoin formed a small V shape, with the drop and rebound nearly equal in magnitude. The fluctuations are unpredictable under the control of the old players. On the daily chart, the market shows a rising trend after multiple tests of support, with the support level gradually moving up, and the bullish momentum taking control once again. The analysis from last night mentioned that if the price stays above 108900, an upward trend is expected. Currently, Bitcoin has stabilized above 108900, and further bullish movements are worth looking forward to.

Bitcoin has moved away from the lower Bollinger Band support, extending upwards towards the upper band, and closing with a bullish hammer candlestick. The technical aspect indicates the presence of upward momentum, but caution is needed for the risk of retreat after reaching new highs. The preferred strategy is to buy at lower levels.

Trading Suggestions

• Bitcoin can be positioned long near 108400 - 108800, with a target of 109500 - 110000

• Ethereum can be positioned long near 2595 - 2605, with a target of 2650 - 2660